UN chief calls for coordinated financial reforms

October 14th, 2008 - 10:37 am ICT by IANS  

New York, Oct 14 (DPA) UN Secretary General Ban Ki-moon has called on the world’s major economies to work together to recapitalise the banking system and guarantee the savings of people around the world in this time of economic crisis.In a statement Monday, Ban called the efforts by the International Monetary Fund (IMF), World Bank and the financial ministers of the world’s seven biggest economies (G7) “laudable” in trying to instill more confidence in financial markets.

But he said “more coordinated approaches” are needed.

“At the United Nations, we need to consider urgent multinational action to alleviate the impact of recent events on the development agenda of the organisation,” Ban said in analyzing the economic crisis’ impacts on UN programmes to fight poverty and provide healthcare.

Governments are scheduled to meet next month in Doha to resume negotiations on trade and development, presenting an opportunity to review efforts to assist developing countries. Ban said the current economic crisis should not undermine what governments have committed to countries in need.

He criticised the “ad hoc manner” in which governments have so far responded to the crisis and said it was “reflective of the serious lacunae in the current world financial system”.

“To ensure continued stability and protect the economic gains of both developed and developing countries, we need to consider deep and systematic reforms based on an inclusive multilateralism for a global financial system that can better meet the challenges of the 21st century,” Ban said.

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