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UN chief says global finance system fragmenting; Myanmar crisis worsens

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The world risks a 'great fracture' of its economic and financial systems, U.N. Secretary-General António Guterres said on Thursday at a summit with Southeast Asia's ASEAN bloc, China, the United States and others in Indonesia.

The world risks a “great fracture” of its economic and financial systems, U.N. Secretary-General António Guterres said on Thursday at a summit with Southeast Asia’s ASEAN bloc, China, the United States and others in Indonesia.

He called for a mechanism to provide relief for debt-strapped developing economies, to include payment suspensions, longer lending terms and lower interest rates. At a Paris summit in June this year, world leaders backed a push for multilateral development banks like the World Bank to put more capital at risk to boost lending.

 

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