United Nations Secretary General Antonio Guterres on Wednesday said the international financial system is morally bankrupt as it favours rich countries, and he expected India’s involvement in reforming it. Developing countries received “very little from the financial instruments of recovery” as they tried to recover from the COVID-19 pandemic, and some of them are facing debt distress, he observed.

Speaking at an event at the Indian Institute of Technology Bombay, he said India’s upcoming presidency of the G20 grouping will be an opportunity to bring the values and vision of the developing world to the top table of the global economy. “The international financial system is morally bankrupt. It was devised by the rich to serve the interests of the rich. It is the moment to change it,” he said.