Gambia on Wednesday called for the equal participation of developing countries in international financial decision-making and regulation, as the UN conference on the world fina ncial crisis got underway in New York.
“The evolution of the crisis has clearly engendered the need for equity in inte rnational financial decision-making and regulation. Every nation should have a say in the development of a just economic system and it should no longer be the preserve of the privileged few,” said Gambian Vice P r esident and Minister of Women’s Affairs Isatou Njie-Saidy said:
She said the global crisis had exposed the need for greater voice for developing countries on how the international financial system is operated and regulated.
“For a crisis that we did not trigger, but for which we bear the greatest burde n, it is absolutely logical that decisions about us be taken with our full parti c ipation,” the Gambian Vice President said. “It is our humble view that the United Nations is uniquely placed to give that voice and platform to developing countries and to call for a rigorous and vigorous response from the internationa l community”.
She said owing to the on-going financial crisis, the World Economic Outlook of t he International Monetary Fund projects global growth to decelerate 0.5 per cent
when measured in terms of purchasing power parity and to contract by 2 per cent when measured in market exchange rates.
“The following indices are quite telling: For the first time in100 years or mor e, virtually all the G-8 economies will report negative GDP in 2009,” Njie-Said y said.
She said the granting of new loans at the start of 2009 is at their lowest level since 1930, U.S. job losses totaled 2.5 million, the worst since 1929 and conta i ner cargo trade between Asia and Europe has fallen for the first time in history .
“As a result, advanced economies have suffered a colossal 3.8 per cent fall in output, millions of families are facing loss of homes and employment,” the Gamb i an VP noted.
The United Nations high-level conference will end on Friday with the adoption of the outcome document, which touches on reforming the global financial system.