South Africa
The UN chief called Thursday (Aug. 24) the global financial structure 'outdated, dysfunctional and unjust.'
Antonio Guterers said the "pandemic [had] underscored once again" the system's flaws.
"[The financial system] has failed in its basic function as a global safety net. And so, it needs deep structural reform," he added.
As he urged for a reform at the BRICS summit in Johannesburg, Guterres also stressed the importance of a U.N. charter and international law-based multi'lateralism.
"We are entering a multipolar world. But history has shown, time and again, that multipolarity without strong multilateral institutions is no guarantee for stability. It might even become a catalyst for chaos. So, we must urgently restore trust and reinvigorate multilateralism."
"And this requires the courage to compromise for the common good. It requires effective international institutions in rooted in 21st century realities, based on the U.N. charter and international law."
The last day of the Johannesburg BRICS summit saw the unveiling of new member states and a BRICS-Africa Outreach and BRICS Plus Dialogue.
01:16
East Africa floods: UN chief extends condolences, says UN ready to offer additional assistance
01:02
Pics of the day: May 2, 2024
01:55
South Africa marks Freedom Day ahead of tough general election
02:20
South Africa to mark 30 years of freedom amid inequality and tense election ahead
Go to video
Repatriated South African apartheid-era artworks on display to celebrate 30 years of democracy
Go to video
Botswana rejects controversial UK proposal on asylum-seekers