Special Report: Global Financial Crisis
NAIROBI, March 28 (Xinhua) -- Developed countries hit by the global
financial crisis should still realize their responsibility to support the
developing ones.
They should also support demands of the third world for a new, properly
balanced international economic order.
As many as 53 million more people could be trapped in poverty as economic
growth slows around the world, according to the latest World Bank forecasts.
And, in a blow to efforts to reduce infant mortality, between 200,000 and
400,000 more babies could die each year between now and 2015 if the crisis
persists, the bank said.
"While much of the world is focused on bank rescues and stimulus packages,
we should not forget that poor people in developing countries are far more
exposed if their economies falter," World Bank president Robert B. Zoellick
said.
The developing countries are becoming innocent victims of the crisis.
Unlike the developed countries with large foreign exchange reserves and dominant
positions in the global economic system, many of the poor nations are still
heavily in debt despite relatively rapid economic growth in recent years.
The challenges the poorest in the developing countries have to face in the
current crisis is not losing their cars or houses, which they have never dreamed
of, but their lives and families.
Undoubtedly, the developed countries, as the source of the trouble, should
take measures to prevent such tragedies.
The UN and African leaders have already raised their voices calling for
substantial support for developing countries.
Speaking after talks with British Prime Minister Gordon Brown in New York
on Wednesday, UN Secretary-General Ban Ki-moon told reporters the G20 summit in
London on April 2 "should commit to sustaining an international stimulus
package."
"It needs to comprise aid for the poorest and most vulnerable countries,
long-term public lending from the multilateral development banks, and liquidity
support not only to least developed countries but also middle-income developing
countries," Ban said.
African leaders, who met Brown in London earlier this month, agreed to
support an initiative proposed by Zoellick, which demands that 0.7 percent of
all bailout plans by developed countries be channeled to Africa.
The developed countries are also facing increasing pressure to strengthen
the representation of emerging and developing economies in a fairer
international economic order.
The unfair global financial and trading system which the developed
countries have dominated and benefited from during the past decades, as many
economists point out, is the root of poverty of many developing countries and
the cause of the global financial crisis.
Without the establishment of a new global economic order in which the
developing countries have a louder voice and more opportunities, the world may
find it difficult to avoid another crisis of such magnitude in the future.
