UN General Assembly
2020

We are told by the Organization for Economic Cooperation and Development (OECD) that COVID-19 has brought in its wake “a significant reduction in the financing available to developing economies”, again, with the Organisation estimating that “external private finance inflows to developing economies could drop by $700 billion in 2020 compared to 2019 levels, exceeding the immediate impact of the 2008 Global Financial Crisis by 60 per cent”. The restructuring of the global financing architecture, to enable access to fresh capital by developing nations, now more than ever, is of immediate necessity, if the gains chalked in transforming their economies are not to be eroded, and the standards of living of their peoples are not to be dangerously lowered. Now is the time for this much discussed and much analysed institution of ours, the United Nations, to rise to the occasion.