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Business

Ban Ki-moon wants 'substantial' stimulus plan from G20

Latest update : 2009-03-25

UN secretary-general Ban Ki-moon said on Wednesday at United Nations headquarters in New York that he wanted to see a "substantial" stimulus package emerge from the G20 summit in London next month.

AFP - UN chief Ban Ki-moon on Wednesday called for world leaders to forge a "substantial" global economic stimulus package when they meet for a G20 summit in London next month.

Following talks here Wedensday with British Prime Minister Gordon Brown, the secretary general told reporters the Group of 20 main industrialized 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," he 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."

Ban said he and Brown also agreed on "the need to stand firm against protectionism and reinvigorate the Doha round (of trade liberalization talks) that it delivers real benefits for developing countries."

The two leaders further agreed that G-20 leaders at their April 2 summit "must support a greening of the global economy, including in poorer countries, and that they should commit themselves to sealing a deal at climate (change) talks in Copenhagen in December this year."

Wednesday's talks focused on "how to reform global rules and institutions so that they reflect today's economic and political landscape," Ban noted. "I am hopeful that the London summit can send a signal of solidarity and hope to all peoples and countries of the world."

Brown for his part said "doing nothing (at the London summit) is not an option.

"Our duty is to help every country and to recognize the interdependence of the world," he added underscoring the need for the G20 to assist the poorest countries.

World leaders are divided over whether to provide more economic stimulus or to tighten regulation of the system, with Europe seen as being less keen than the United States to approve further stimulus splurges.

Brown, who earlier met with leading Wall Street figures in New York, was heading next to Brazil and Chile, where he was to attend the Progressive Governance summit in Vina del Mar on Friday.

Date created : 2009-03-25

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