World Video | Defence | Foreign Affairs | Natural Events | Trade | NZ in World News | NZ National News Video | NZ Regional News | Search

 

UN Task Force To Review Global Financial System

General Assembly President sets up task force to review global financial system

21 October 2008 – The President of the General Assembly has announced he is setting up a high-level task force to review the global financial system, including major bodies such as the World Bank and the International Monetary Fund (IMF), in response to the current turmoil that is affecting all countries, large and small.

Miguel D’Escoto has appointed Economics Nobel Laureate and Professor, Joseph Stiglitz, to chair the panel, which will also suggest steps to be taken by Member States “to secure a more stable global economic order,” according to a news release.

The composition and terms of reference of the task force will be announced soon after the holding of the Assembly’s special meeting on global financial crisis, scheduled for 30 October at UN Headquarters.

“There is a growing recognition that the current turmoil in the financial system cannot be solved through piecemeal responses at the national and regional levels but requires a coordinated effort at the global level,” the release stated.

It added that currently, developing countries’ voices and interests are not fairly represented in existing global institutions of economic governance.

“The developing world includes many more powerful economies than in 1944, its role in the trading system has grown significantly and it includes prominent creditor a well as debtor nations.

“As such, developing countries have an abiding interest in a democratic rules-based financial system, with effective financing mechanisms and impartial institutions able to deliver timely and tailored policy advice.”

Mr. D’Escoto has welcomed the initiatives and declarations of the leading industrial countries, including their intention to hold a summit on the current crisis, as well as the developing countries that are voicing their concern and calling for urgent action. “As the pressure for change builds up, the design of the new architecture must necessarily be inclusive and democratic to be credible and sustainable.”

He has also pledged to ensure a meaningful outcome at next month’s Doha Review Conference on Financing for Development, which he noted comes at a crucial time in the midst of the current turmoil.

ENDS

© Scoop Media

 
 
 
World Headlines

 

Syria: Economic Decline, Rising Hunger And Surging Humanitarian Needs

Syria’s fragile economy has “suffered multiple shocks” over the past 18 months, with its currency plummeting and joblessness swelling as people struggle to cover their basic needs, the UN Emergency Relief Coordinator told the Security Council ... More>>

OECD: Final Quarter Of 2020 Shows Continued Recovery In G20 International Merchandise Trade

G20 international merchandise trade continued to rebound in the fourth quarter of 2020 ( exports up 7.2% and imports up 6.8%), following the sharp falls seen in the first half of 2020, as lockdown measures affected trade globally. Although growth ... More>>

UN Report: Civilian Casualties Surged After Peace Talks Began In Afghanistan

Monitoring by the UN Assistance Mission in Afghanistan, UNAMA, and the UN Human Rights Office has revealed that despite a drop in civilians killed and injured overall in 2020 there was a rise in civilian casualties following the start of peace negotiations ... More>>

Focus On: UN SDGs


2021: Critical Year To ‘reset Our Relationship With Nature’ – UN Chief

During this time of “crisis and fragility”, the UN chief told the United Nations Environment Assembly on Monday that human well-being and prosperity can be vastly improved by prioritizing nature-based solutions. Painting a picture of the turmoil ... More>>


Paris Agreement: UN Secretary-General António Guterres To Mark U.S. Reentry With Envoy For Climate John Kerry

Watch live at webtv.un.org UN Secretary-General António Guterres will join U.S. Special Presidential Envoy for Climate John F. Kerry at an event marking the United States’ reentry into the Paris Agreement this Friday. The discussion with the Secretary-General ... More>>

WeBeliev: Scoop In Conversation With Abhishek Sinha, Founder Of WeBeliev, An NZ Crowdfunding Platform

WeBeliev supports 17 SDGs, launching sector specific campaigns every month Q. What is WeBeliev and why did you start it? A. WeBeliev is a Singapore-registered crowdfunding platform aimed at fundraising for all the 17 Sustainable Development Goals (SDGs) ... More>>