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“Give developing nations a say in financial crisis talks”

Aarti Dhar

NEW DELHI: A day before the United Nations meets to discuss its taskforce on the global financial crisis, ActionAid, along with more than 400 civil society organisations across the world, has issued a statement demanding that developing nations be included in crisis talks.

“Simple-minded, free market ideologies have pushed the world to the brink of collapse. Why should we now trust countries pushing these very same ideologies to fix the mess,” asks Adirano Campolina, ActionAid’s regional director in Latin America, ahead of the U.N. meeting on the global financial crisis and the G20 meeting hosted by the U.S. in mid-November.

“It is time to listen to the South for once. After all thanks to the disastrous liberalisation of our financial systems, pushed by Washington in the 1990s, developing countries know a thing or two about banking crises and how to manage them,” he adds.

ActionAid has joined a coalition of over 400 organisations across the globe calling on the U.N. to give developing nations a say in financial crisis talks.

Set timeline

The statement demands that any future global summit must meet and involve all governments of the world; meaningfully engage civil society, citizen’s groups and social movements in the process; and set a clear timeline for regional consultations with groups most affected by the crisis.

Also, it must be comprehensive in scope, tackling the full array of issues and institutions; and be transparent with proposals and draft outcome documents made publicly available and discussed well in advance of the meeting.

It also lays out a role for the U.N., as a globally representative body, to convene such an event.

“Of course, it is imperative to agree quickly on measures to address the immediate crisis and protect ordinary workers, low-income households and other extremely vulnerable sectors from the impacts,” said Lidy Nacpil of Jubilee South - Asia/Pacific Movement on Debt and Development.

“But since the impacts are likely to be the greatest on the poorest people, and in emerging economies and developing countries,” Ms. Nacpil said: “Shouldn’t all countries — governments and peoples — have a say, not just those responsible for this crisis?”

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