UN chief says it's time to reform Security Council and Bretton Woods institutions

'The global financial architecture is outdated, dysfunctional and unfair,' Guterres said

UN Secretary-General Antonio Guterres said on Sunday that it was time to reform both the Security Council and Bretton Woods institutions (International Monetary Fund and World Bank) to align with the "realities of today's world".

Speaking at a press conference in Hiroshima, Japan, where the Group of Seven summit meeting had been held, Guterres said both institutions reflected the power relations of 1945 and needed to be updated.

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"The global financial architecture is outdated, dysfunctional and unfair," he said. "In the face of the economic shocks from the Covid-19 pandemic and the Russian invasion of Ukraine, it has failed to fulfil its core function as a global safety net."