By Enyichukwu Enemanna
UN Secretary-General Antonio Guterres on Saturday berated the world’s rich countries and energy giants, accusing them of throttling poor nations with “predatory” interest rates and crippling fuel prices.
Speaking in the Qatari capital, Doha, at the flag off of summit of Least Developed Countries (LDCs) the UN chief told leaders of more than 40 of the most deprived states that wealthy nations should provide $500 billion yearly to help others “trapped in vicious cycles” that block efforts to boost economies and vital services.
The 5th United Nations Conference on the LCDs being spearheaded by the Emir of Qatar, Sheikh Tamim bin Hamad Al Thani is expected to find sustainable solutions to countries reeling under the challenges of poverty, adverse effects of climate change, food and energy crisis as well as high-debt burden among others.
Afghanistan and Myanmar, two of the poorest countries, are not present at the Doha meeting of 46 LDC states because their governments are not recognised by UN members.
“Economic development is challenging when countries are starved for resources, drowning in debt, and still struggling with the historic injustice of an unequal COVID-19 response,” he said.
The LDCs have complained that they did not get a fair share of the Covid vaccines that went mainly to Europe and North America.
“Combatting 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”, said Guterres.
“Fossil fuel giants are raking in huge profits, while millions in your countries cannot put food on the table.”
Guterres said the poorest nations were being left behind in the “digital revolution” and the Ukraine war had fuelled their food and fuel prices.
The four-day conference under the theme: “From Potential to Prosperity,” holds once in a decade and provides an opportunity to garner the support of the international community for accelerating sustainable development in the LDCs as well as assist them make progress towards achieving prosperity.
The Summit is being attended by world leaders, the private sector, civil society and youth organisations.
It aims to share developmental ideas and mobilize political will, solidarity, action and solutions to transform the LDCs, by finding sustainable solutions to the challenges of poverty, food insecurity, hunger, weak or non-existent infrastructure, inadequate health facilities, climate change among others as they struggle to deliver on the Sustainable Development Goals (SDGs) by 2030.
