UN chief calls for global financial reform

UN Secretary-general Ban Ki-moon on Tuesday called for reform of the international financial and economic system.

"The fundamental rethinking triggered by the economic and financial crisis provides the international community with a rare opportunity for reform -- reform that can ensure more stable growth, job creation and sustainable development," Ban told a General Assembly plenary session on financing for development.

"A true partnership for development can only be achieved through a combination of investment, trade, aid, debt relief and global economic governance reforms," he said.

The high-level meeting was the fourth of its kind held by the 192-nation body since the path-breaking International Conference on Financing for Development in Monterrey in 2002.

Senior officials from the world organization, the World Bank, the International Monetary Fund (IMF), the World Trade Organization (WTO) and other key relevant agencies as well as delegates from member states joined the plenary session.

"We need to reform the international financial system and architecture," Ban said. "We need better mechanisms to coordinate economic policy with representative, accountable and equitable governance."

Financial reform was one of the dominant topics at the two-day conference which will include three multi-stakeholder roundtables and an informal interactive dialogue.

Source: Xinhua