UN expert calls for reforms to global financial system
A United Nations expert called on Thursday for major changes to global financial institutions to protect human rights in developing nations. George Katrougalos said the International Monetary Fund and World Bank prioritize wealthy countries while ignoring poorer populations.
The expert found that developed nations control 41 percent of voting power despite representing less than 10 percent of the global population. Katrougalos said weighted voting systems create inequality because institutions favor market policies over social programs. He urged reforms to give developing countries a stronger voice in financial decision-making.
The report recommended taxing multinational corporations and stopping illegal money transfers. Katrougalos said both organizations must follow United Nations human rights standards when making economic choices that affect vulnerable communities worldwide.
