LONDON — The world is running out of time and money to meet its promises on ending poverty, protecting the planet, and building a fairer future.
That’s the stark warning from António Guterres, Secretary General of the United Nations, ahead of a key summit on global development finance in Seville, Spain. He calls it a “rescue mission” to keep the world’s most vulnerable from slipping through the cracks.
“Families are going to bed hungry, children are missing vaccines, girls are being pulled from school,” Guterres said in a statement released Friday. “This is not some distant crisis. It’s happening now.”
Ten years since the adoption of the Sustainable Development Goals (SDGs), the picture is bleak. More than two-thirds of those targets ranging from clean water to decent work are off track. Developing countries are staring down a $4.2 trillion funding gap each year, according to recent UN estimates.
Meanwhile, global cooperation is fraying. Defence spending is surging. Aid budgets are shrinking. Trade wars and political rifts are widening.
Fixing a Broken System
At the heart of the problem, Guterres argues, is a financial system that’s stacked against poorer countries.
“It’s an unfair system,” he said. “Many nations are paying more on interest than on healthcare and education combined.”
Guterres is calling for three bold steps in Seville.
First, get money flowing faster. He says countries must lead by cleaning up their own tax systems and fighting illicit finance, but global support is essential. He wants Multilateral Development Banks (MDBs) to triple their lending power and make it easier for countries to borrow on affordable terms.
Special Drawing Rights reserve assets held by the International Monetary Fund should be redirected to support low-income countries, he added.
Second, tackle debt. Developing countries are crushed by repayments, which now top $1.4 trillion a year.
“Debt service has become a steamroller,” said Guterres. He backs proposals for easier debt relief during emergencies, a global debt registry to boost transparency, and a fresh look at how credit agencies assess risk.
Third, give poorer countries a stronger voice.
The UN chief says international financial institutions like the IMF and World Bank must reform their governance to reflect today’s world not one built decades ago.
“The global tax system must be shaped by all governments, not just the richest,” he said.
He also praised efforts to create a “borrowers club” a group of developing nations working together to challenge power imbalances in global finance.
“This Is About Justice”
Guterres is clear: this is not about handouts. It’s about fairness.
“If the world stays on this path where a handful of countries prosper while billions fall behind we will all suffer the consequences,” he warned.
Rising inequality, he argues, fuels unrest, migration, and instability that do not stop at borders.
He’s urging leaders attending the Fourth International Conference on Financing for Development in Seville to act with urgency and unity.
“Seville can be the moment we turn the tide,” he said. “It’s time to prove that global cooperation still works and that no one is too poor, too small, or too far away to matter.”
