France President Emmanuel Macron (left) Cuban President Miguel Diaz-Canel (right) at the Summit, called by France for a New World Financial Pact. Photo: Prensa Latina/File photo.
Paris, Jun 22 (Prensa Latina) Cuban President Miguel Diaz-Canel on Thursday urged for an international financial order that helps stop countries of the South plunging into underdevelopment and subjecting them to domination of outdated institutions.
At the Summit, called by France for a New World Financial Pact, the Cuban leader who is attending as G-77+China Chairman described present financial order as unfair, anti-democratic, speculative and exclusive.
Díaz-Canel further condemned the disastrous consequences of current financial order for developing nations, while illustrating some examples including the doubling of their foreign debt in the last decade and the fact that they had to allocate nearly $380 billion to defend their currencies.
In such unfavorable conditions, the South cannot generate the $4.3 trillion per year it needs to hit the Sustainable Development Goals (SDGs) in the remaining decade of action, Diaz-Canel warned.
(Prensa Latina) by Oraily Madruga Rios
