A United Nations report warns that the gap between rich and poor nations is widening as global promises to overhaul financial institutions remain unfulfilled. While the 2025 “Seville Commitment” aimed to close a $4 trillion annual development financing gap, actual development assistance dropped by a record 23% last year, driven largely by a 59% decline in U.S. aid. Current geopolitical tensions, specifically the “Iran war,” and rising trade barriers, including significantly higher tariffs, are further stifling growth in the world’s poorest countries. UN Secretary-General António Guterres criticized the IMF and World Bank for failing these nations.
Date: April 11, 2026. Source: apnews.com