World economies should coordinate efforts to help poor, UN Secretary General says
The world's major economies should work together to recapitalize the banking system and guarantee the savings of people around the world in this time of economic crisis, UN Secretary General Ban Ki-moon said Monday.
Ban called efforts by the International Monetary Fund, 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, reported dpa.
"At the United Nations, we need to consider urgent multinational action to alleviate the impact of recent events on the development agenda of the organization," 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 criticized 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.