KAZAKHSTAN PROPOSES RADICAL PLAN TO CURE WORLD RECESSION S.Chandravathani

KUALA LUMPUR, March 4 (Bernama) -- Kazakhstan President Nursultan Nazarbayev has proposed a "Plan of Radical Updating (PRU)," which he said could possibly be the first global key to cure the current world recession.

"Our proposed PRU is a global prescription for radical treatment of global
world defect," he said in an article entitled "The Key Out of Crisis" which was
made available to Bernama here.

The PRU is an instrument of innovation, which underlines strong, powerful
and creative updating, which should cover all levels -- from states to
individuals.

The president, which stresses on transition to a New Global World to
overcome the world economic crisis, said that the PRU would play its role as an
innovative approach, which will be highly beneficial to the entire world.

And for this, a clear-cut PRU needed to be prepared, he added.

"We have to understand that in the present time no organs, organisations or
Summits can be considered productive and fruitful unless they themselves develop
and put into practice their plans for radical updating," he.

He pointed out that it would take courage to admit that one is on the verge
of creating a radically new model of the world economy, politics and global
security.

However, he said that any updating plan at any level or region and also the
world as a whole, could not be effective if it lacks the key points of
transition from the "old defective system of world (as well as regional)
currency to the new stable and effective transitional currency."

It should also create and develop regional issue centres of "supranational
regional transitional currencies," he said, apart from concrete measures to
extend help to all key political and social subjects at all levels.

He said that the existing world currency system has failed to cope with the
tempo of changes taking place globally. It has become clearly and irrevocably
obsolete and this has been proved by the current global crisis.

The system did not provide equal rights to all its possible issuers and was
obviously not a free market, the president said.

He suggested a market of world currency, which could be supervised under a
law by a "World Committee on Market Freedom," for example, where no group of
emitters or sellers of world currency should enjoy any privileges.

The president also pointed out that the current market of world currency
could not be described as civilised.

He said that in a civilised market the rules of the game are decided and
observed by all on the basis of a general agreement between all the participants
(the sellers and the buyers) without harming anybody's personal interests.

But it was quite apparent that in the market of world currency now nothing
of this sort was being observed, hence today's market of world currency could
not be called as civilised, he said.

"The PRU will give to all the subjects of world currency and finance system
a practical tool for coordination of efforts on innovative development of new
world currency and finance infrastructure and architecture," he said.

He also noted that looking at the present global problems, it was absolutely
clear that no one could tackle the problems singly.

"That is why we have always advocated integration, global as well as
regional integration. And this is one of priorities in the direction of our
anti-recessionary measures," he said.

Nazarbayev said that the PRU could bring countries and people closer to each
other and promote the creation of new mechanisms of a safe and secure world.

It would have a very strong financial and economic foundation built on a new
least defective world currency, said the president, adding that such an approach
was highly beneficial for the entire world.

"The whole world has together plunged into the global crisis, and it is the
whole world which can turn this global key to take the world out of crisis,"
Nazarbayev said.

-- BERNAMA