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UN is Facing ‘Severe Financial Crisis’: Antonio Guterres

NEW YORK: The United Nations (UN) Secretary-General Antonio Guterres said the UN is facing a “severe financial crisis”, placing vulnerable communities around the world at risk of missing out on vital aid and stability.

The UN Secretary-General has warned that the world organisation is facing a severe liquidity crisis, reaching its deepest deficit of the decade and will not have enough cash by next month to cover payrolls.

Guterres called on the 193 Member States to pay their financial dues on time.

“The Organisation is facing a severe financial crisis. To be more specific, a severe liquidity crisis. The equation is simple: without cash, the budget cannot be properly implemented, Guterres said Tuesday in remarks to the General Assembly’s Fifth Committee, which deals with administrative and budgetary issues, on the Proposed Programme Budget for 2020.

Guterres warned that in the current month, the organization will reach the deepest deficit of the decade.

“We risk exhausting the closed peacekeeping cash reserves, and entering November without enough cash to cover payrolls,” he said.

He further said: “As I introduce the 2020 programme budget proposals, I reiterate my call on you to recommit to paying your financial obligations on time and in full.”

The UN Secretary-General thanked those Member States that have paid their financial dues on time and those that continue to make every effort to do so.