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Summit focuses on economy
Source: Agencies |
July 16, 2009, Thursday
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Print Edition
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CUBA'S president yesterday called for an international financial system that better takes into account developing countries interests, as the global recession was the focus at a summit of non-aligned nations.
Raul Castro's remarks at the opening session of the two-day Non-Aligned Movement's meeting in Sharm El-Sheik, Egypt, were echoed by other leaders. They build on earlier discussions among officials from the 118 nations - mostly from Africa, Asia and Latin America.
"We demand the establishment of a new international financial and economic structure that relies on the participation of all countries," Castro said, ahead of handing over the movement's presidency to Egypt.
"There must be a new framework that doesn't depend solely on the economic stability and the political decision of only one country," the Cuban leader said.
As the global meltdown roiled world markets, erasing trillions in US dollars in individual, corporate and government wealth, calls have mounted for greater market regulation and a shift from the use of the US dollar as the main foreign reserve currency.
Developing nations have argued that their growth and stability are being undercut by a crisis in which they had no part in creating.
The summit's draft declaration also calls for the group to coordinate with China - attending as an observer - to have their voices heard at international financial institutions like the International Monetary Fund and the World Bank.
United Nations Secretary-General Ban Ki-moon touched on the currency issue, saying "the economic crisis has revealed the need to improve the international financial architecture, so we may see the developing world and emerging powers gain more of a say in that realm."
Raul Castro's remarks at the opening session of the two-day Non-Aligned Movement's meeting in Sharm El-Sheik, Egypt, were echoed by other leaders. They build on earlier discussions among officials from the 118 nations - mostly from Africa, Asia and Latin America.
"We demand the establishment of a new international financial and economic structure that relies on the participation of all countries," Castro said, ahead of handing over the movement's presidency to Egypt.
"There must be a new framework that doesn't depend solely on the economic stability and the political decision of only one country," the Cuban leader said.
As the global meltdown roiled world markets, erasing trillions in US dollars in individual, corporate and government wealth, calls have mounted for greater market regulation and a shift from the use of the US dollar as the main foreign reserve currency.
Developing nations have argued that their growth and stability are being undercut by a crisis in which they had no part in creating.
The summit's draft declaration also calls for the group to coordinate with China - attending as an observer - to have their voices heard at international financial institutions like the International Monetary Fund and the World Bank.
United Nations Secretary-General Ban Ki-moon touched on the currency issue, saying "the economic crisis has revealed the need to improve the international financial architecture, so we may see the developing world and emerging powers gain more of a say in that realm."
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