Ban wants more active role for IMF in present crisis | business | Hindustan Times
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Ban wants more active role for IMF in present crisis

business Updated: Oct 25, 2008 14:01 IST

The United Nations Secretary General Banki-moon has called for "drastic measures", including giving a leading role for the IMF, to aid crisis stricken countries by the recent international financial upheaval.

He said that IMF and world's major central banks should set up substantial standby lines of credit so that banks in poor country have adequate funds to draw in an emergency.

Addressing a meeting called to take stock of the current economic crisis on the Millennium Development Goals, he said " we can be effective only if we act together, with one voice and a common purpose.

He said the poorest of the world's poor deserve immediate support to help them endure the global financial crisis, warning that recent hard-won progress on poverty could be lost unless concerted action is taken.

At the meeting of the Chief Executives Board (CEB), which brings together the heads of various UN agencies and entities, including the World Bank, the UN Secretary General said all countries must take greater steps to ensure that the most vulnerable are not left behind.

"The crisis we are seeing today will impact all countries, developed and developing, but its most serious repercussions will be felt most by those who are least responsible the poor in developing countries,".

"As we look to the next seven years of the implementation of the MDGs to 2015, we must ensure that hard-won gains by countries are not reversed and must act to avert the risk of millions in poor countries sliding back into extreme poverty," he added.

Top UN official attending the meeting called on all States to reaffirm their commitments and pledges to grant Official Development Assistance (ODA) to needy countries.