United Nations facing worst financial crisis in 10 years ― Guterres

United Nations-Secretary-General-Protests

The UN is facing a "severe liquidity crisis", reaching its deepest deficit of the decade, UN Secretary General Antonio Guterres has said, warning that the world organisation will not have enough cash by next month to cover payrolls. As in, it might run out of it by Halloween.

"The Organization runs the risk of depleting its liquidity reserves by the end of the month and defaulting on payments to staff and vendors".

One of the reasons for the shortfall is the U.S., which funds 22 per cent of the UN's regular budget amounting $674 million, not having paid up in full so far.

There are 193 member states in the UN.

"This is the only way to avoid a default that could risk disrupting operations globally", read the statement.

United Nations Secretary General Antonio Guterres has warned that the global body is in dire financial straits.

An official from the USA mission said the United States "will be providing the vast majority of what we owe to the regular budget this fall, as we have in past years".

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He said the cost-saving measures enabled the United Nations to fund the General Assembly debate and the high-level meetings in September.

Not including what it pays for peacekeeping operations, the UN's operating budget for 2018-2019 is close to €5 billion, with the United States contributing 22%.

India is among a handful of only 34 United Nations member states which paid their regular budget dues in full and on time to the world organisation.

"The Secretary-General noted that this is a recurrent problem that severely hampers the Secretariat's ability to fulfill its obligations to the people we serve".

"The secretary-general therefore looks to member states to resolve the structural issues that underlie this annual crisis without further delay", Dujarric said.

If the funds don't flow in this month from more of the nations in arrears, the UN will likely continue its operations by dipping into its working capital fund temporarily. The U.S. owes around $2.4 million for those missions; though the U.S.is responsible for 28 percent of that budget, the country has promised to pay 25 percent, the minimum amount required by law.

The UN chief said budget implementation was no longer being driven by planning, but according to "the availability of cash at hand".

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