UN expert calls for reforms in global financial system to promote human rights

The UN expert on the promotion of a democratic and equitable international order, George Katrougalos, stated in a report on Thursday that comprehensive reforms are needed to rebuild a fairer global financial system. He stressed that international financial reforms should be grounded in a human rights-based approach and consistent with the principles of the UN Charter , including equality, solidarity, and human dignity.

In his report , Katrougalos found that the policies of the Bretton Woods Institutions , namely the International Monetary Fund (IMF) and the World Bank, have been disproportionately shaped by high-income countries, often neglecting the interests of developing nations. He observed that despite claims of neutrality, these institutions have prioritized market liberaliz