UNCTAD SYMPOSIUM CALLS FOR DEEP REFORM IN GLOBAL FINANCIAL ARCHITECTURE

KUALA LUMPUR, May 21 (Bernama)-- A two-day UNCTAD (United Nations Conference
on Trade and Development) public symposium on the global financial crisis
concluded Wednesday afternoon with a call for a deep and lasting reform of the
international financial architecture so that the causes of the current worldwide
recession are not repeated.

It also called for significant international efforts and funding be supplied
to stimulate developing-country economies and to support employment in those
nations; and that steps be taken to stabilise currency-exchange rates.

It also said the approach to the crisis should take all nations into account
and provide a comprehensive "exit strategy" for all.

Speakers over the two days of meetings said repeatedly that recent reports
of economic improvement in industrialised countries should not be taken to mean
that the downturn is over, and should not lead decision makers to ignore the
profound and long-lasting effects on poor countries.

The crisis is no longer merely financial and economic but a social crisis as
well, speakers said.

In a statement released to Bernama Wednesday, President of UNCTAD's Trade
and Development Board, Dian Triansyah Djani said the symposium debate should
have a broad impact, as various international organisations participated and
listened to cross-fertilizing ideas, and many national delegations attended to
listen to the opinions of civil society and private-sector speakers.

There were some 360 participants engaging in plenary and breakout debates.
Djani, who chaired the symposium, also said there was a need to accelerate
efforts to achieve the United Nations Millennium Development Goals.

Among the goals are to address structural problems in global economic
governance which affect many people, including women and children; to establish
national, regional, and international teamwork to respond to the crisis; and to
pay special attention to the effects of the crisis on least developed countries
and on mounting unemployment and poverty.

Djani and high-level participants in the symposium said they would ensure
that the formal conclusions are presented to member States, to the President of
the United Nations General Assembly, and to the UN Conference on the World
Financial and Economic Crisis and Its Impact on Development, scheduled for June
1-3 in New York .

UNCTAD Secretary-General Supachai Panitchpakdi told the meeting that the
intent of the gathering - "to give voice to the voiceless" - had proved
valuable.

"The rest of the world cannot be an afterthought," he said adding that these
matters are so often discussed at the global level, by the powerful.

He said the innocent bystanders should be heard from.

"Before we design an exit strategy for the recovery process, we should see
clearly the impacts throughout the world. I don't think we should be satisfied
until we see concrete actions that will address the issues raised today," he
said.

He said if the voices of the innocent bystanders are not heard, this could
just be one crisis that leads to more crises.

Other recommendations of the symposium were that a debt moratorium be
granted to heavily indebted developing countries so that they have more money
available for stimulating their economies; and that a global programme be set up
to preserve and protect jobs in developing nations.

The proposal of the International Labour Office to establish a "global jobs
pact" was mentioned repeatedly during the debate, and it was pointed out
repeatedly that the effects of the crisis hit ordinary families most directly
through the loss of employment.

In addition, the United Nations was called on to play a significant role in
responding to the downturn and in refashioning international rules on finance.
The organisation's broad membership makes it best able to act in the interests
of all countries, speakers said.
-- BERNAMA