UN Chief Antonio Guterres cautioned that the Covid-19 pandemic would lead to unprecedented destruction, historic poverty and hunger, leading to a loss of $8.5 trillion in global production — the sharpest contraction since the Great Depression — unless nations respond with unity and solidarity.
"We
must prevent it. The pandemic has shown our fragility. Given all the
technical and scientific developments of recent decades, because of a
microscopic virus, we are in an unparalleled human crisis," the UN
Secretary-General said Thursday at the high-level event on Financing for
Development.
He has stressed the need for the world to respond with unity and solidarity to the unprecedented crisis.
"If we do not act now, the Covid-19 pandemic will cause unprecedented misery and suffering worldwide. Hunger and famine of historic proportions.Up to half the world's population-1.6 billion men-without livelihoods, "said Guterres
"If we do not act now, the Covid-19 pandemic will cause unprecedented misery and suffering worldwide. Hunger and famine of historic proportions.Up to half the world's population-1.6 billion men-without livelihoods, "said Guterres
He
said the pandemic could lead to a global production loss of $8.5
trillion-the sharpest contraction since the 1930s Great Depression.
According to Johns Hopkins University, coronavirus has infected 5,813,997 people worldwide and killed 360,397.
Speaking
later at a virtual press conference together with Jamaica's Prime
Minister Andrew Holness and Canada's Premier Justin Trudeau, Guterres
said the planet is plagued by immense fragility: poor health systems;
accelerated climate change; unsustainable levels of inequality.
“We see signs of this fragility everywhere, from the increased risk of nuclear proliferation to the chaos in cyberspace.
Ignoring such warning signs is pointless ignorance. Global risks call
for modesty, cooperation and cohesion," he said adding that the world
can not imagine a return to the same failed goals and structures.
"“We
must invest in a comprehensive and sustainable recovery." When asked at
the press conference why the US and China did not talk at the
high-level event that was attended by more than 50 Heads of State and
Government and international organizations, Guterres said "both the US
and China took part in our work.
Of
course, this was agreed because of the extremely high turnout that it
could only be at the level of Heads of State and Government and both
countries could not do it at that stage for purposes of policy, but they
would be able to participate at other levels.
Currently,
the US and China are engaged in a war of words on a number of issues
like trade, the roots of the coronavirus outbreak and Hong Kong.
"But
they will join the working group. So, there's a willingness from both
the United States and China to be involved in this process, which we
appreciate very much."Guterres told the high-level meeting that the UN is calling for urgent, concerted action to deal with the crisis in six critically important areas.
Starting
with the global liquidity crisis, he said that was where the health and
economic crises met; "a hazardous intersection that could exacerbate
and intensify both," calling for the extension of Special Drawing Rights
to increase the funds for public expenditure.
Noting
that the pandemic economic effect risks a wave of defaults in developed
countries, stymieting attempts to achieve the 2030 Sustainable
Development Goals,"Sustainable Debt Settlement, Retreating the World and
Building Sustainable Development Goals" Given by the UN Chief.
First,
he encouraged private creditors holding an growing share of sovereign
debt in developing countries to find opportunities to allow more
creditors to provide debt relief.
Guterres
then drew attention to international financing, saying that aligning
opportunities with the SDGs in global financial structures would raise
morale "to relaunch sustainable development investment."
Turning
to the illegal financial traffic, such as tax evasion and money
laundering, which annually deprives developing countries of hundreds of
billions of dollars, he said that by revising national processes and
international mechanisms, 'we will plug the leaks.'
The UN chief also emphasized the overriding need to "recover faster" from coronavirus pandemic ravages.
Trudeau called the pandemic "a strong reminder" of how interconnected our world has become, saying, "We must defeat COVID-19 wherever it is found to keep our citizens safe and healthy."
Trudeau called the pandemic "a strong reminder" of how interconnected our world has become, saying, "We must defeat COVID-19 wherever it is found to keep our citizens safe and healthy."
This requires a global, coordinated plan that will also facilitate the resurgence of global and domestic economies.
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