United Nations chief says UN running out of cash. Photo: AFP
United Nations, July 30 (RHC)-- United Nations Secretary General Antonio Guterres has warned that the world body is confronted with an unprecedented funding shortage for its core budget. That being the case, he also raised the red flag that, unless member states increase their contribution, cuts will take place to the organization's programs.
In a series of letters forwarded to UN member states and staff, Guterres said that the organization's core budget had reached deep red levels earlier in its fiscal year than previously experienced. Never has the UN “faced such a difficult cash flow situation this early in the calendar year,” Guterres stated, in reference to a deficit in core funding amounting to US$139 million.
The financial woes didn't end there. Guterres also sent a letter detailing the UN's precarious finances, according to The Guardian. “Caused primarily by the delayed contributions of member states to the regular budget, this new cash shortfall is unlike those we have experienced previously,” he wrote. He said the organization's funding crisis poses a risk to its “reputation” and operational capacity.
“Our cash flow has never been this low so early in the calendar year, and the broader trend is also concerning: we are running out of cash sooner and staying in the red longer.” He emphasized: “An organization such as ours should not have to suffer repeated brushes with bankruptcy. But surely, the greater pain is felt by those we serve when we cannot, for want of modest funds, answer their call for help.”
A total of 112 out of 193 member states have paid their share of the core budget to date, according to the United Nations.
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