Pakistan called for developing a strategic consensus on comprehensive reform of international financial and monetary system that would accommodate interests of developing states.
"(We) support a comprehensive reform of international financial architecture, including enhancement in voting powers of developing countries, within a specific time frame, Pakistan State Minister for economic affairs Ms Hina Rabbani Khar told UN General Assembly while speaking on behalf of Group of 77 (developed states) & China.
The 192-member assembly is hosting high level dialogue on financing for development to lay ground for review of anti-poverty promises pledged by world leaders in 2002 monetary consensus in Mexico.
Ms Khar said monetary consensus suffered from serious implementation deficit. While some developing states exhibited dynamic economic performance, many countries remained mired in vicious circle of poverty, far from achieving Millennium Development Goals (MDG).
Despite improved debt management strategies, intense international cooperation on debt relief, total external debt of developing states had increased and conditions that led to global debt crisis were still in existence.
She reiterated G77 stand that debt sustainability be linked to a country's capacity to achieve its national development goals, including global development targets. Low levels of official development assistance, current impasse in Doha Round trade talks and global economic slowdown were bad signs and pointed to deficit of implementing and issues that monetary was unable to adequately address.
In future, international community should redouble efforts to enhance ODA and secure additional resources for developing states. Aid should be delivered more effectively and be more responsive to needs of recipient nations.
Ms Khar felt UN should increase ability of poor, vulnerable economies to attract private, multilateral investments. Overall, member states should do more to help solve external debt problems of developing states.
Comprehensive reform of international financial architecture was also necessary, though that alone would not resolve fundamental problems of instability and unavailability of liquidity for developing countries.
A strategic consensus on comprehensive reform of international financial and monetary system was imperative. Innovative, complex financial products developed and introduced in advanced states be regulated to temper their impact on developing countries. She urged to break current impasse in Doha Round of talks and reiterated commitment to its positive completion.
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