UN chief wants 'substantial' global stimulus at G20 summit

UN chief Ban Ki-moon has urged G20 leaders to agree to a 'substantial' global economic stimulus package at their London summit next month.

UN chief Ban Ki-moon has urged G20 leaders to agree to a "substantial" global economic stimulus package at their London summit next month.

HT Image

Following talks here with British Prime Minister Gordon Brown on Thursday, he told reporters the Group of 20 main industrialised and developing economies "should commit to sustaining an international stimulus package, on top of their own national stimulus packages."

"This international stimulus needs to be of a very substantial size, commensurate with the challenge," the UN secretary general added.

"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."

The UN chief said he had written a letter to all G20 countries outlining his ideas on how to address the global economic and financial crisis and urging them not to lose sight of "the challenges of developing countries, particularly the most vulnerable.