UN CHIEF CALLS FOR USING MORE TOOLS TO HELP WORLD RECOVER FROM COVID-19

Geneva: United Nations Secretary General Antonio Guterres called on the international community to use more tools, including considering a new issuance of Special Drawing Rights, to help the world, especially poor countries, to recover from the destruction of the COVID-19 pandemic.

“We have the tools to enhance global liquidity; I urge you to use them, and especially to consider a new issuance of Special Drawing Rights,” the UN chief said. Speaking about sovereign debt, the secretary-general said that the economic fallout from the pandemic threatens to cause “a wave of defaults” in developing countries.