Many ngo and humanitarian organizationsare following developments at the UN economic conference this week, waiting tosee what will be done to help developing nations.
Amongthem is the Catholic development organization, CIDSE, which has presented areport on the crisis. The report –funded by the Dutch government -- outlines the effects the downturn is havingon developing countries.
AldoCaliari, director of the Rethinking Bretton Woods Project, and a member of CIDSE,spoke to VOA from New York about the UN conference.
"Weare happy that the UN has been able to speak with one voice on the crisis. And this product that the UN has issued isactually a lot better... than what the Group 20 produced two months ago inLondon," he says.
However,he's concerned about whether the United Nations can act fast enough.
"Thereare many millions of people who are falling into poverty…losing their jobs," hesays.
Dealing with debt
Thisweek's meeting could produce a new framework for debt relief.
"Thiswould have to happen very fast because as we speak debt is mounting at suchhigh levels. We never had a debt crisisin an environment where there is no trade, like now. Trade is contracting 10 percent worldwide,"he says.
InMarch, a UN commission recommended the creation of a global economic council,saying it would be a "globally representativeforum to address areas of concern in the functioning of the global economicsystem in a comprehensive way."
Caliariis calling for immediate approval of such a council.
"Thisis a proposal that has been put on the table, supported by many countries now.It would be a way to democratize decision-making in the system. I think with so many poor countries affectedby a crisis in which they have no say it would be very important," he says.
However,the United States and other developed nations are opposed to a global economiccouncil, reluctant to give up some of the control they now have to the United Nations.
"Ithink there is a question of who controls the decisions on global economicpolicy. But I think there is an undeniable argument of justice when you haveseen that probably the United States is the country in the least tenableposition in opposing such a council," he says.
Hesays that's because the epicenter of the financial crisis is found in theUnited States "and now a lot of other countries are being affected by it."
The United States and other G20 countries pledged over onetrillion dollars in April to spur the global economy. Much of that money will be funneled to theInternational Monetary Fund for loans to poor countries.
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