Cuba calls for financial system that helps developing nations.
Byline: Daily Star Staff
Summary: Cuba's president called Wednesday for an international financial system that better takes into account developing countries interests, as the global recession captured the spotlight at a summit of non-aligned nations. Raul Castro's remarks at the opening session of the two-day Non-Aligned Movement's meeting.
Sarah El Deeb
Associated Press Associated Press: see news agency.
Associated Press (AP)
Cooperative news agency, the oldest and largest in the U.S. and long the largest in the world.
SHARM SHARM Self-Hypnosis and Relaxation Machine EL-SHEIK, Egypt: Cuba's president called Wednesday for an international financial system that better takes into account developing countries interests, as the global recession captured the spotlight at a summit of non-aligned nations. Raul Castro's remarks at the opening session of the two-day Non-Aligned Movement's meeting in this Red Sea resort were echoed by other leaders and build on earlier talks among officials from the 118-nation grouping of mostly of African, Asian and Latin American nations.
"We demand the establishment of a new international financial and economic structure that relies on the participation of all countries," Castro said, ahead of handing over the movement's presidency to Egypt.
"There must be a new framework that doesn't depend solely on the economic stability and the political decision of only one country," the Cuban leader said, apparently referring to the US.
The new system must give developing countries "preferential treatment," he added.
As the global crisis roiled world markets, erasing trillions in dollars in individual, corporate and government wealth, calls have mounted for greater market regulation and a shift from the use of the dollar as the main foreign reserve currency. Developing nations have argued that their growth and stability is being undercut undercut,
n 1. the portion of a tooth that lies between its height of contour and the gingivae, only if that portion is of less circumference than the height of contour.
2. by a crisis in which they had no part in creating.
"This crisis, the worst in living memory, emanated from the advanced industrial economies, but the developing economies, the members of our movement, have been the hardest hit," said Indian Prime Minister Manmohan Singh.
UN chief Ban Ki-moon Ban Ki-Moon (bän kē-mn), 1944–, South Korean diplomat, secretary-general of the United Nations (2007–), b. Chungju, grad. Seoul National Univ. (B.S. said "the economic crisis has revealed the need to improve the international financial architecture, so we may see the developing world and emerging powers gain more of a say in that realm." The call by Castro, whose country has been under US sanctions for decades, followed similar demands by the movement's foreign ministers and senior officials who stressed after four days of meetings here that joint action was needed to ward off the global meltdown's impact.
The summit's draft declaration also calls for the group to coordinate with China - attending the summit as an observer - to have their voices heard at international financial institutions like the International Monetary Fund and the World Bank.
The movement - born in the 1950s ago as a group of nations allied neither with the US nor the Soviet Union - has lost much of its relevance with the end of the Cold War.
Egyptian President Hosni Mubarak Noun 1. Hosni Mubarak - Egyptian statesman who became president in 1981 after Sadat was assassinated (born in 1929)
Mubarak , in his address, recognized the "challenge" facing the movement's founding principles, saying the group must work closely with developed nations to address the world's biggest problems, such as terrorism and financial instability.
But some of the group's members - such as India and Saudi Arabia Saudi Arabia (sä`dē ərā`bēə, sou`–, sô–), officially Kingdom of Saudi Arabia, kingdom (2005 est. pop. - have gained considerably.
The prime ministers of nuclear powers Pakistan and India, meanwhile, were expected to meet on the summit's sidelines Sidelines
Hypothetical position referring to noninvolvement in a stock; merely watching. .
The two met in Russia last month for the first time since the Mumbai terror attacks terror attack n → atentado (terrorista)
terror attack n → attentato terroristico last year but made little headway head·way
1. Forward movement or the rate of forward movement, especially of a ship.
2. Progress toward a goal.
3. The clear vertical space beneath a ceiling or archway; clearance.
4. in defusing de·fuse
tr.v. de·fused, de·fus·ing, de·fus·es
1. To remove the fuse from (an explosive device).
2. To make less dangerous, tense, or hostile: tension in their relations.
India blamed Pakistan-trained militants for the attacks, which killed 166 people, and has accused Pakistan of dragging its feet in punishing those suspected of planning the three-day siege.
Pakistan has rejected the charges and announced Sunday the trial of five men accused in the attacks will likely start next week.
The two countries' foreign secretaries met for 90 minutes on the sidelines On the sidelines
An investor who decides not to invest due to market uncertainty.
on the sidelines
Of or relating to investors who, having assessed the market, have decided to avoid committing their funds. of the summit meeting Tuesday night, apparently to prepare for Wednesday's meeting of the two prime ministers, according to according to
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
3. a diplomat familiar with the meeting. He spoke on condition of anonymity because he was not authorized to speak to the media.
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