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Thursday, February 29, 2024  
18 Shaban 1445  

UN chief says it’s time to reform Security Council and Bretton Woods

Guterres says both institutions reflects power relations of 1945 and needed to be updated
United Nation’s Secretary-General Antonio Guterres addresses the audience during a joint press conference with Jamaica’s Prime Minister Andrew Holness (not pictured), in Kingston, Jamaica on May 15, 2023. Reuters
United Nation’s Secretary-General Antonio Guterres addresses the audience during a joint press conference with Jamaica’s Prime Minister Andrew Holness (not pictured), in Kingston, Jamaica on May 15, 2023. Reuters

UN Secretary-General Antonio Guterres said on Sunday that it was time to reform both the Security Council and Bretton Woods to align with the “realities of today’s world”.

Speaking at a press conference in Hiroshima, Japan, where the Group of Seven summit meeting had been held, Guterres said both institutions reflected the power relations of 1945 and needed to be updated.

“The global financial architecture is outdated, dysfunctional and unfair,” he said. “In the face of the economic shocks from the Covid-19 pandemic and the Russian invasion of Ukraine, it has failed to fulfil its core function as a global safety net.”

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