Sharm el-Sheikh (Egypt): Ahead of the Summit
of 118 Non-Aligned Movement (NAM) nations, India on Monday asked
the member countries to "unequivocally condemn" terrorism and
stressed on the need to adopt a comprehensive convention to
effectively combat the scourge.
Speaking at the ministerial meeting of the 15th NAM
Summit here, External Affairs Minister S M Krishna said
nowhere is international solidarity and development more
relevant than in combating terrorism. "Terrorism threatens
democracy and democratic values...It is also a threat to
international peace and security," he said.
"We call upon NAM Members to unequivocally condemn
terrorism; no cause or reasoning can be used to justify such
acts. In this context, the early adoption of the Comprehensive
Convention on Terrorism being discussed in the UN is an
immediate imperative," he said in this Red Sea resort.
The Minister also asked the developed nations to
"urgently reverse" the decline in the capital flow to
developing countries to address the current economic crisis
saying they have both "the capacity and obligation to assist".
"The decline in capital flows to developing countries
must be urgently reversed through increased multilateral and
bilateral flows as well as stepping up Official Development
Assistance (ODA).
"Developed countries have both the capacity and
obligation to assist. They must step forward to take urgent
action and fulfill their commitment of 0.7 per cent of their
GDP as ODA," he said.
Maintaining that while these short-term measures are
critical for recovery, Krishna said, "We must address the
longer-term imperative of reforming the structures of global
governance. Without this, the root cause for the current
economic and financial crisis will remain unaddressed."
Though the current economic crisis did not originate in
the developing countries nor they were responsible for it, the
downturn "threatens to reverse the developmental gains made by
us over the past decades," he said.
"A global crisis, by definition, requires global
solutions. The first requirement is to revive the global
economy, boosting demand, and revitalising credit flows."
The minister also stressed for the need for reforms in
several global financial institutions such as IMF and World
Bank while making an intervention in the segment on
International Solidarity for Peace and Development and Current
Economic and Financial Crisis.
"We must begin the process of completing reform of the
Bretton Woods Institutions...The World Bank needs to increase
substantially its lending, improve its capital adequacy as
well as enable developing countries to access required levels
of finance to support recovery efforts," he said.
"We also need better surveillance and regulation of
financial markets, Krishna added.
Bureau Report
