Developing nations ask industrialized world to compensate them for economic, climate crisesSeptember 25th, 2009 Poor nations want compensation for economic crisisUNITED NATIONS — Developing nations are urging the industrialized world to acknowledge its responsibility for the global economic and climate crises and to compensate them for the damages these have caused. Yemeni Foreign Minister Abu-Bakr al-Qirbi, who chairs the Group of 77 that represents 132 developing counties, says the U.N.
India calls for 'better surveillance' to tackle financial crisisSeptember 2nd, 2009 NEW DELHI - Ahead of the G20 summit later this month, India has underlined the need for developing better surveillance and regulation to tackle the global financial crisis and stressed a bigger voice for developing countries in international financial institutions. "There should be better and transparent regulatory mechanism for capital markets as well as a stronger voice for developing countries, External Affairs Minister S.M.
Chinese President Hu to attend G8 meeting in Italy, along with other developing nationsJune 29th, 2009 China's Hu to attend G8 meeting in ItalyBEIJING — Chinese President Hu Jintao will attend next month's meeting in Italy between leaders of the Group of Eight nations and those of emerging economies, the Foreign Ministry said Monday. Hu will attend the July 8-10 meeting in Trieste, Italy, at the invitation of Prime Minister Silvio Berlusconi, it said in a statement.
More than 140 countries agree on UN role in solving global economic crisis at financial summitJune 26th, 2009 Agreement reached on final UN summit documentUNITED NATIONS — More than 140 countries agreed Friday on a blueprint for a global response to the world's worst economic crisis in 70 years which gives the U.N. a new role in representing hard-hit developing countries but leaves some demands by rich and poor countries unmet.
Poor countries call for more money and greater role in regulating world economy at UN summitJune 25th, 2009 UNITED NATIONS — Developing countries have joined U.N. officials in calling for more money and a greater role in regulating the world economy in the wake of the worst global financial crisis since the Great Depression, which has taken a disproportionate toll on poor nations.
Tentative agreement announced on final document for UN financial summitJune 24th, 2009 Tentative agreement on financial summit documentUNITED NATIONS — The General Assembly president announced tentative agreement on a blueprint for a global response to the world's worst economic crisis in 70 years which would make the United Nations a player in promoting recovery, especially in hard-hit poor countries. After weeks of intense negotiations, rich and poor nations agreed on the 15-page document ahead of Wednesday's opening of a three-day U.N.
UN chief says impact of economic crisis could last years, urges help for poor countriesJune 24th, 2009 UN: impact of economic crisis could last yearsUNITED NATIONS — Secretary-General Ban Ki-moon warned at a U.N. financial summit Wednesday that the impact of the global economic crisis could last for years with millions more families pushed into poverty, and he urged rich nations to mobilize the money to help hard-hit developing countries.
Developing countries press for UN to represent world's poor in tackling economic crisisJune 23rd, 2009 Poor nations want UN role in financial crisisUNITED NATIONS — The global financial crisis is being tackled by the eight major industrialized nations, the 20 key economic powers, and regional groups. Now, the U.N.
India asks World Bank to boost lending to developing worldApril 26th, 2009 WASHINGTON - India Sunday proposed a three-point action plan, including a substantial increase in the World Bank's lending, to enable the developing world to recover from the worst recession since the Great Depression. 'Emerging market economies were not the cause of this crisis, but they are amongst its worst affected victims,' Ashok Chawla, secretary of the department of economic affairs, told the Development Committee of the Bank.
World Bank: Nations should speed aid to poor countries hit by economic crisisApril 26th, 2009 World Bank: Nations should speed aid to poorWASHINGTON — The World Bank on Sunday urged donor nations to speed up delivery of the money they've already pledged — and to give even more — to help poor countries weather the steep global recession. The bank said developing countries face especially serious consequences as the financial and economic crisis turns into what it described as a "human and development calamity."
In a communique, the World Bank's policy steering committee said the crisis has already driven more than 50 million people into extreme poverty, particularly women and children.
Developing countries say they are hit harder by global financial crisis and need urgent helpApril 24th, 2009 Developing countries hit harder by global crisisWASHINGTON — Developing countries are being hit harder by the global financial crisis than industrialized nations and need urgent and unprecedented help to cope with it, the Group of 24 countries said Friday. Among the effects of the crisis the developing countries are experiencing are falling prices for their commodities and exports, a decline in money transfers their citizens send from abroad, a sharp reduction in foreign direct investment and exposure to the credit crunch other countries are facing.
Barroso: EU must continue helping poor countries, says recession no excuse for cutting aidApril 23rd, 2009 Barroso: EU must help poor despite recessionBRUSSELS — The European Commission's president says the EU must continue to be the world's primary donor of aid to poor nations despite the global recession. Jose Manuel Barroso says poor countries "are the least responsible for this crisis but among the worst affected." He says the recession "must not, cannot and will not be used as an excuse" for cutting EU aid to developing nations.
India hopes reality will override differences at G20 summitApril 1st, 2009 LONDON - Acknowledging some serious differences among G20 members on how the world should tackle the worst economic crisis in decades, India hopes the urgent need to address the issue will force that elusive consensus. Ahead of the G20 summit here Thursday, being attended by Prime Minister Manmohan Singh, Indian officials said there remained major differences, notably between Europe and the US as well as between the developed and the rich nations on some key issues.
Gandhian economics needed to overcome financial crisis: PranabFebruary 5th, 2009 NEW DELHI - The government will initiate more measures to support labour intensive sectors with focus on Gandhian economics even as the Indian economy is set to grow by 7 percent this fiscal, External Affairs Minister Pranab Mukherjee said Friday. 'When necessary, the government will take further steps to ensure that labour intensive sectors are less adversely affected,' Mukherjee, who also holds the finance portfolio, told a seminar organised by a leading think tank here.
World suffers worst downturn in post-war period: IMFJanuary 27th, 2009 WASHINGTON - The world economy will grow by only 0.5 percent in 2009, the worst rate since end of World War II, as industrial nations battle a severe recession that is dragging developing countries down with them, the International Monetary Fund said Wednesday as it slashed its global economic forecasts. Wealthy nations will experience their worst recession in the post-war period, contracting 2 percent in 2009 despite massive fiscal stimulus packages planned by most of the world's richest countries.
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