(Tea Party 247) – On Thursday, the UN held the biggest gathering of world leaders since the coronavirus crisis began. Leaders gathered to address the fallout from the pandemic and the “unimaginable devastation and suffering around the world” with historic levels of hunger and famine with up to 1.6 billion people unable to earn a living with things only getting worse if action isn’t taken now.
The goal of the meeting was to determine how best to get low- and middle-income countries back on their feet but Secretary-General Antonio Guterres said at the meeting that the crisis could lead to “a loss of $8.5 trillion in global output – the sharpest contraction since the Great Depression of the 1930’s.”
Nearly 50 world leaders and experts spoke via video at the meeting including the heads of the International Monetary Fund and the World Bank. Noticeably, The US, China, and Russia were absent from the event.
According to Newsmax, Guterres is calling for immediate action in six areas: enhancing global financial liquidity; providing debt relief; engaging private creditors; promoting external finance; plugging leaks in tax evasion, money laundering and corruption; and adopting a recovery that tackles inequalities, injustices and climate change.
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Guterres said the “unprecedented human tragedy” behind the 5.5 million cases of COVID-19 and more than 350,000 deaths has been coupled with a devastating economic impact that has spurred his call since March for a relief package equivalent to more than 10% of the global economy.
“Developed countries have announced their own relief packages, because they can,” he said. “But we have not yet seen enough solidarity with developing countries to provide them with the massive and urgent support they need.”
IMF Managing Director Kristalina Georgieva warned that recent data suggests the global economy will shrink even more than the 3% it had projected. She said that “in just two months investors pulled more than $100 billion out of emerging markets — more than three times larger than during the global financial crisis” in 2008.
Countries with weak economies and high debts from commodity exporters in sub-Saharan Africa to tourism-dependent small island economies in the Caribbean and elsewhere” are expected to suffer their worst economic performance in decades and a large decline in per capita income, Georgieva said.
World Bank Group President David Malpass said he worries April estimates that 60 million more people will be pushed into extreme poverty this year, raising the total toward 700 million, “will go higher.”
South African President Cyril Ramaphosa, speaking on behalf of the African Union, called on developed countries to meet commitments and “be innovative.” He said developing country debts “are the foremost concern, especially to my continent, Africa,” which is calling for a debt standstill for two years and more IMF special drawing rights.
African leaders also support Gutteres’ call for economic relief worth at least 10% of global GDP, which would mean over $200 billion in additional support for Africa.
Fiji’s prime minister, Voreqe Bainimarama, warned that the pandemic’s economic impact is “widening the gap between the developing and developed worlds, between north and south.”
“As economies of small island states are left reeling, our tourism revenue is gutted, and our lending capacity is limited. We cannot go at it alone,” said Bainimarama, whose country relies on tourism for 40% of its economy.
Saying wealthy nations have already put $8 trillion into their own economies for pandemic relief, he added: “Even the equivalent of one-half of one percent of this was dedicated to all the world’s small island developing states, it would provide us with the vital support we need.”
We could all just go on with life and let the world’s economies recover. Open economies and countries now and allow tourism to resume. Life will never be free from disease and illness. We can either allow this virus to destroy the entire world’s economy or we can move on and accept that sickness and death are just a part of life.
This UN meeting sounds a lot like the Dems in the US plotting their socialist takeover of America. The UN wants to usher in a one-world government and you can bet they’re seeing this at the golden opportunity to pursue it.
The coronavirus has wreaked havoc across the entire world. The UN leaders are right, something needs to be done and now but global socialism is not the answer.