Qatar: The United Nations Secretary General Mr. Antonio Guterres has condemned rich countries for throttling poor nations with “predatory” interest rates and crippling fuel prices.

During his speech at the UN’s Least Developed Countries (LDC) summit in Qatar, Mr. Guterres stated that wealthy nations should provide $500 billion annually to help others “trapped in vicious cycles” that block their efforts to boost economies and improve health and education.

“You [LDCs] represent one in eight people on Earth. I have enormous admiration for your remarkable efforts to achieve and sustain graduation. But your countries are also trapped in vicious cycles that make development difficult,” Mr. Guterres remarked.

“We are perfectly aware of the inequities created by our unfair global economic and financial system. Combatting a 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. Fossil fuel giants are raking in huge profits, while millions in your countries cannot put food on the table,” the UN chief added.

According to Mr. Guterres, the poorest nations were being left behind in the “digital revolution,” and the Ukraine war had only increased the prices they pay for food and fuel.

“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 the capital markets by predatory interest rates,” the UN Secretary General observed.

Earlier, richer countries had promised, but failed, to produce hundreds of billions of dollars to help poorer states battle climate change. Mr. Guterres further promised that the UN would “keep pushing for the resources already promised.”

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