The United Nations committee looking into global insolvency practices is gaining hands-on experience of running short of money.
Working group five of the UN Commission on International Trade Law has warned delegates to its next meeting that advance copies of key documents will not be available ‘due to the UN’s liquidity crisis’.
The group is examining insolvency regimes around the world to see how they serve – or don’t serve – small, medium-sized or micro businesses that go bust.
A key part of the UN’s funding problems relates to actual and proposed actions by Donald Trump
It was due to meet in New York in May, but because of the coronavirus crisis will meet in Vienna this December.
A key part of the UN’s funding problems relates to actual and proposed actions by Donald Trump.
On June 8, the US think-tank, the Council on Foreign Relations, warned: ‘The US remains the largest donor to the UN, contributing $10 billion in 2018, slightly less than a fifth of the UN’s collective budget.’
Until now, the president’s attempts to cut US spending on the UN have been largely frustrated by Congress, but it warns: ‘If proposed cuts to foreign aid spending go through, the UN is likely to undergo significant changes.’