UN Warns It May Default on Salaries by November in a Cash Crisis

United Nations Secretary-General Antonio Guterres warned that the global body is facing its worst cash crisis in about a decade and runs the risk of defaulting on payments to staff and vendors, Bloomberg News reported. Many members are behind on their payments, forcing the UN to cut back on travel, purchases of goods and services and conferences, Guterres said. The cash crunch is “undermining the implementation of mandates decided by inter-governmental bodies,” he added in a statement on Tuesday. This year, 129 of the UN’s member states have paid $2 billion toward the organization’s 2019 regular budget, the UN said. But about $1.4 billion remains outstanding. Read more