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Business Daily from THE HINDU group of publications Monday, November 17, 2008 ePaper | Mobile/PDA Version | Audio |
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Update at 1615 hrs (IST)
Global News / Markets African leaders urge G20 powers to involve them in reforms process STRASBOURG(France): As the world's major economic powers sought ways to reverse a looming global recession, African leaders urged them not to forget their impoverished continent as it battles the crisis. “Africa and other developing regions of the world must be more closely associated with the discussions underway on the reform of the international financial architecture,'' Burkina Faso President Blaise Campaore said on Sunday. “If the International Monetary Fund and the World Bank are to play a bigger role in the governance of international finance, it is fair that developing countries be more involved in the way reform is carried out,'' he said. The remarks, by the head of the Economic Community of West African States (ECOWAS) regional bloc, came as leaders from the world's 20 largest economies met in Washington to tackle flagging growth and prevent new financial upheaval. At the same time, several African leaders were gathered an ocean away in Strasbourg, northern France for European development day events, but were determined to be involved in any revamp of the world's financial institutions. “The current crisis confirms the need to build a new financial architecture, involving not only emerging countries, but also Africa,'' underscored Mali's President Amadou Toumani Toure. France, which holds the European Union's rotating presidency, has done “everything possible'' to ensure that African countries other than just South Africa take part in the summit, said French Foreign Minister Bernard Kouchner. Madagascar's president, M arc Ravolamanana, played down the continent's under-representation in Washington. - PTI
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