Ban greets G20 agreement, welcomes advances for emerging economies

November 16th, 2008 - 1:12 pm ICT by IANS  

New York, Nov 16 (DPA) UN Secretary General Ban Ki-moon Saturday welcomed the agreement reached by the leaders of the Group of 20 nations to better regulate global financial markets.Ban praised “the agreement on the international coordination of stimulus packages, a move he had advocated in his remarks at the White House, also new market regulation to avoid future crises, more inclusive new economic governance, and the need to avoid trade and investment protectionism,” his spokesperson said in a statement released in New York.

Ban, who attended the meeting, also praised the agreement’s commitment to “continued partnership, cooperation and multilateralism.”

The action plan agreed to at the meeting includes a call for beefing up regulation of the world’s financial system and bolstering government spending to spur economic growth at a time when the global economy risks sliding into recession.

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