Sec Gen-Global Financial Architecture "Outdated, Dysfunctional, & Unjust"

Speaking at the Summit for a New Global Financing Pact in Paris, United Nations Secretary-General Antonio Guterres regarding global financial institutions. States that "It is clear that the international financial architecture has failed in its mission to provide a global safety net for developing countries." Guterres: "The global financial architecture is outdated, dysfunctional, and unjust."

• Claims that "International financial institutions are now too small and limited to fulfill their mandate," and that credit rating agencies are “deeply biased and have contributed to many of the crises we have faced”. Guterres calls for the provision of low-interest loans to poor and developing economies.
• While Guterres has often criticised richer nations for their provision of support to developing nations (or lack thereof), such a full-throated assault on global financial institutions - some of which are participating in the summit - is a new escalation in rhetoric.
• US Treasury Secretary Janet Yellen shortly set to speak at the summit as part of a panel discussion. Livestream here.