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UN high-level meeting to combat global financial crisis

Global Arab Network - - Maha Karim

Tuesday, 28 April 2009 12:41

UN Secretary-General Ban Ki-moon, in his opening address, warned that the global recession could become a major humanitarian and peace crisis. The Monday session is known as the special high-level meeting of the Economic and Social Council (ECOSOC) with the Breton Woods Institutions (BWIs), the World Trade Organization (WTO) and the UN Conference on Trade and Development, which came just one day after the conclusion of the weekend spring meetings of the World Bank and the International Monetary Fund (IMF) in Washington.

Ban said the financial and economic crisis had escalated into "a full blown, global recession" where "hundreds of millions of people are losing their jobs, their income and their ability to survive."

In too many parts of the world, frustration has erupted into violent protests, threatening stability and peace," Ban said.

While he said the G20 summit in London took a number of welcome steps and committed more than a trillion U.S. dollars, "We have to examine where the funds will come from, and make sure that countries make good on their pledges."

"We need to ensure that a large enough share of the additional resources will flow to developing countries, to help them cope with the crisis," the secretary-general said.

"We must act urgently to keep the financial crisis and economic recession from evolving into a major humanitarian crisis and a breakdown in peace and security," he said. "Our institutions and governance structures must become more representative, credible and effective."

Global Arab Network

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