UNCTAD, the United Nations trade and development agency boosting developing economies, is bracing for a major shakeup. Secretary General Rebeca Grynspan shared that the agency will face "painful" cuts—70 positions trimmed from its team of 500—as it grapples with soaring global demand for timely trade insights amidst sweeping tariffs.
In a world where every twist counts, these cuts come at a time when UNCTAD's guidance is needed more than ever. With cost-cutting measures rippling through the UN network, including a 20% trim in the UN Secretariat's $3.7 billion budget, experts are buzzing about the potential impact on the agency's ability to meet urgent economic needs. 😮
Grynspan's candid remark—"There’s no way to disguise this… we haven’t cut that number of posts ever in one budget"—captures the seriousness of the reforms. As UN80 efforts drive further collaboration among development agencies, many are left wondering: Can UNCTAD maintain its momentum under these tighter financial constraints?
Final budget decisions are expected in September, setting the stage for a pivotal reshaping of how global trade and development challenges are addressed. This story is a reminder that even major institutions face unexpected plot twists in today’s fast-paced global drama.
Reference(s):
UNCTAD says it faces 'painful' cuts as countries navigate tariffs
cgtn.com
