— António Guterres (@antonioguterres) May 1, 2022
Global crisis response
Increased investment is part of a global strategy to support developing countries facing what the UN has called “cascading crises.” In March 2022, the UN Chief established the Global Crisis Response Group on Food, Energy and Finance (GCRG) set up in response to the crisis provoked by Russia’s invasion of Ukraine, saying that the invasion was producing alarming effects on a world economy already battered by COVID-19 and climate change.
President Macky Sall is one of six eminent world leaders who have been named as Champions of the group and who are supporting the Secretary-General’s call for immediate action to prevent, mitigate and respond to the crisis. He is also the Chairperson of the African Union for 2022.
The GCRG, calls on countries to find creative ways to finance increased humanitarian and development recovery needs worldwide and to give generously and immediately release funds that they have already pledged.
Food, energy and finance
Talking to reporters in Dakar, Mr Guterres said “we must ensure a steady flow of food and energy in open markets, removing all unnecessary export restrictions,” adding that “countries must resist the temptation to hoard and instead release strategic stocks of energy.”
The UN estimates that a quarter of a billion people could be pushed into extreme poverty this year, caused by the consequences of the conflict in Ukraine. International financial institutions have a key role to play and “must urgently provide debt relief by increasing liquidity and fiscal space,” the UN Chief said, “so that governments can avoid default and invest in social safety nets and sustainable development for their people.”