UN Secretary-General António Guterres said on Sunday it was time to reform both the Security Council and the Bretton Woods system to bring them in line with "realities of today's world," Reuters reports.

At a press conference held at the G7 summit, Guterres said that both institutions reflected the system of power in 1945 and need updating.

"The global financial architecture became outdated, dysfunctional and unfair," he said.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."

The Secretary-General also said he believed the G7 summit was growing awareness among developing countries that not enough action was being taken in reforming outdated institutions or removing "the frustrations” of the Global South.

Among those invited to the G-7 summit in Hiroshima were Indian Prime Minister Narendra Modi, Brazilian President Luiz Inacio Lula da Silva and Indonesian President Joko Widodo.