Ahead of G20, UN chief warns ‘developing world on precipice of financial ruin’

UN Secretary-General Antonio Guterres warned that “the developing world is on the precipice of financial ruin.” (Screenshot: G20)
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Updated 20 November 2020
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Ahead of G20, UN chief warns ‘developing world on precipice of financial ruin’

  • A final statement will be released by G20 leaders after they meet by video conference on Saturday
  • “We cannot let the COVID pandemic lead to a debt pandemic,” Guterres told reporters

UNITED NATIONS: UN Secretary-General Antonio Guterres warned on Friday that “the developing world is on the precipice of financial ruin and escalating poverty, hunger and untold suffering” as the world struggles to combat the coronavirus pandemic.

His message came ahead of a meeting of the leaders of the Group of 20 nations and big emerging powers this weekend.

“We cannot let the COVID pandemic lead to a debt pandemic,” Guterres told reporters.

He has been pushing the G20 to further extend and expand debt service suspension to help developing and middle-income economies recover from the pandemic and for the allocation of Special Drawing Rights (SDR) and a voluntary reallocation of existing Special Drawing Rights.

“I am pushing for a further extension through the end of 2021 and, critically, to expand the scope of these initiatives to all developing and middle-income countries in need,” Guterres said.

A final statement will be released by leaders from the US, China and other G20 nations after they meet by video conference on Saturday.

“We face epic policy tests. But ultimately, there is a moral test. The trillions of dollars needed for COVID recovery is money that we are borrowing from future generations. Every last penny,” Guterres said.

“We cannot use those resources to lock in policies that burden them with a mountain of debt on a broken and dangerous planet,” he said.


US not expanding military objectives in Iran, Hegseth says

Updated 53 min 23 sec ago
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US not expanding military objectives in Iran, Hegseth says

  • Iran’s regional retaliation strengthen US alliances, Hegseth says
  • US forces destroy 30 ‌Iranian warships, including drone carrier

TAMPA, Florida: US Defense Secretary Pete Hegseth said on Thursday the United States ​was not expanding its military objectives in Iran, after President Donald Trump told Reuters the United States must be involved in choosing the next leader of Iran.
The Pentagon earlier this week said the military campaign, known as Operation Epic Fury, is focused on destroying Iran’s offensive missiles, missile production and navy, while not allowing Tehran to have a nuclear weapon.
“There’s no expansion in our objectives. We know exactly what we’re trying to achieve,” Hegseth said.
He added that Trump was “having a heck of a ‌say in who ‌runs Iran given the ongoing operation.”
In a telephone interview ​with ‌Reuters ⁠on Thursday, ​Trump said ⁠the United States would have to help pick the next person to lead the country. The US and Israeli military campaign that started on Saturday has hit targets across the country and triggered Iranian retaliatory strikes in the region as Tehran seeks to impose a high cost on the United States, Israel and their allies.
Iran has attacked countries including Israel, the United Arab Emirates and Qatar. Fire crews in Bahrain extinguished a blaze at a ⁠refinery following a missile strike.
Azerbaijan became the latest country ‌drawn in, as it accused Iran of firing ‌drones at its territory and ordered its southern airspace closed ​for 12 hours.
Hegseth said by striking ‌countries in the region, Iran would only bring them closer to the United ‌States.
“It’s actually firming up the unity of the resistance in order to focus exactly where we need to,” Hegseth said.

Next phase of operations
The United States has hit more than 2,000 targets in Iran, including Iranian warships. Admiral Brad Cooper, the head of US Central Command, said ‌US forces had destroyed 30 Iranian warships, including an Iranian drone carrier ship earlier on Thursday.
Cooper said the United States ⁠was hitting Iran’s ⁠ability to rebuild.
“As we transition to the next phase of this operation, we will systematically dismantle Iran’s missile production capability for the future, and that’s absolutely in progress,” Cooper said, adding that it would take some time.
The US military has identified the six US Army Reserve soldiers killed when a drone slammed into a US military facility in Port Shuaiba, Kuwait.
Trump and other senior officials have warned the Iran conflict will result in more US military deaths.
Hegseth, during the press conference, said Iran was making a mistake if it believed that the United States could not sustain the ongoing war, adding that Washington had just begun to fight.
“Iran is hoping that we ​cannot sustain this, which is a really ​bad miscalculation,” Hegseth said. “We set the timeline.”