London Daily

Focus on the big picture.
Saturday, Jul 26, 2025

UN Chief Condemns "Vicious" Tactics Of Wealthy Nations Against Poor

UN Chief Condemns "Vicious" Tactics Of Wealthy Nations Against Poor

UN leader Antonio Guterres on Saturday slammed the world's rich countries and energy giants for throttling poor nations with "predatory" interest rates and crippling fuel prices.
UN leader Antonio Guterres on Saturday slammed the world's rich countries and energy giants for throttling poor nations with "predatory" interest rates and crippling fuel prices.

Guterres told a summit of the most deprived states on the planet that wealthy nations should provide $500 billion a year to help others "trapped in vicious cycles" that block their efforts to boost economies and improve health and education.

The summit of the 46 Least Developed Countries (LDC) is normally held every 10 years but has twice been delayed since 2021 because of the coronavirus pandemic.

Afghanistan and Myanmar, two of the poorest countries, are not present at the meeting in Doha because their governments are not recognised by UN members.

No leader from any of the world's major economies attended.

At the summit opening, Guterres hit out straight away at the way poor nations are treated by the more powerful.

"Economic development is challenging when countries are starved for resources, drowning in debt, and still struggling with the historic injustice of an unequal COVID-19 response," he said.

The LDCs have long complained that they did not get their fair share of the Covid vaccines that were concentrated on Europe and North America.

"Combatting climate catastrophe that you did nothing to cause is challenging when the cost of capital is sky-high" and the financial help received "is a drop in the bucket", said Guterres.

"Fossil fuel giants are raking in huge profits, while millions in your countries cannot put food on the table."

Guterres said the poorest nations were being left behind in the "digital revolution" and the Ukraine war had only increased prices they pay for food and fuel.

Broken Promises

"Our global financial system was designed by wealthy countries, largely to their benefit," he said.

"Deprived of liquidity, many of you are locked out of capital markets by predatory interest rates," the UN leader said.

Wealthy nations had failed to keep a promise to give 0.15-0.20 percent of their Gross National Income to LDCs.

With poorer states trapped in a "perfect storm for perpetuating poverty and injustice", Guterres said LDCs required a "minimum" $500 billion a year to help overcome their problems, build up job creating industries and repay debts.

Richer countries have also vowed, but failed, to produce hundreds of billions of dollars to help poorer states to help battle climate change. Guterres said the UN would "keep pushing for the resources already promised".

Malawi's President Lazarus Chakwera, the summit chairman, also hit out at the "broken promises" made by the international community.

He said that aid was "not a favour or an act of charity" but a "moral responsibility".

Under proposals called the Doha Programme of Action, a food stockholding system will be set up to help countries facing hunger crises through drought and high prices.

The plan also calls for an investment centre to help LDCs attract foreign funding and lower interest rates to ease the impact of their debts.

Bhutan will this year become one of seven countries -- along with Bangladesh, Laos, Nepal, Angola, Sao Tome and Principe and the Solomon Islands to "graduate" out of LDC status by 2026.

But they will gradually lose trade and aid privileges. Guterres said they risk becoming "victims of the cruelest sleight-of-hand trick -- support systems vanishing before their eyes" and would need help after they move up the wealth scale.
Newsletter

Related Articles

0:00
0:00
Close
Deputy attorney general's second day of meeting with Ghislaine Maxwell has concluded
Controversial March in Switzerland Features Men Dressed in Nazi Uniforms
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
Thai Civilian Death Toll Rises to 12 in Cambodian Cross-Border Attacks
TSUNAMI: Trump Just Crossed the Rubicon—And There’s No Turning Back
Over 120 Criminal Cases Dismissed in Boston Amid Public Defender Shortage
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
The Podcaster Who Accidentally Revealed He Earns Over $10 Million a Year
Trump Announces $550 Billion Japanese Investment and New Trade Agreements with Indonesia and the Philippines
US Treasury Secretary Calls for Institutional Review of Federal Reserve Amid AI‑Driven Growth Expectations
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Severe Flooding in South Korea Claims Lives Amid Ongoing Rescue Operations
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
CEO Resigns Amid Controversy Over Relationship with HR Executive
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
US Revokes Visas of Brazilian Corrupted Judges Amid Fake Bolsonaro Investigation
U.S. Congress Approves Rescissions Act Cutting Federal Funding for NPR and PBS
North Korea Restricts Foreign Tourist Access to New Seaside Resort
Brazil's Supreme Court Imposes Radical Restrictions on Former President Bolsonaro
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Judge Criticizes DOJ Over Secrecy in Dropping Charges Against Gang Leader
Apple Closes $16.5 Billion Tax Dispute With Ireland
Von der Leyen Faces Setback Over €2 Trillion EU Budget Proposal
UK and Germany Collaborate on Global Military Equipment Sales
Trump Plans Over 10% Tariffs on African and Caribbean Nations
Flying Taxi CEO Reclaims Billionaire Status After Stock Surge
Epstein Files Deepen Republican Party Divide
Zuckerberg Faces $8 Billion Privacy Lawsuit From Meta Shareholders
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
SpaceX Nears $400 Billion Valuation With New Share Sale
Microsoft, US Lab to Use AI for Faster Nuclear Plant Licensing
Trump Walks Back Talk of Firing Fed Chair Jerome Powell
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Irish Tech Worker Detained 100 days by US Authorities for Overstaying Visa
Dimon Warns on Fed Independence as Trump Administration Eyes Powell’s Succession
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Jeff Bezos Considers Purchasing Condé Nast as a Wedding Gift
Ghislaine Maxwell Says She’s Ready to Testify Before Congress on Epstein’s Criminal Empire
Bal des Pompiers: A Celebration of Community and Firefighter Culture in France
FBI Chief Kash Patel Denies Resignation Speculations Amid Epstein List Controversy
Air India Pilot’s Mental Health Records Under Scrutiny
×