United Nations Radio

The United Nations has called for international cooperation to restore economic growth and to regulate the financial sector.

In a statement over the weekend to the development and finance committees of the Bretton Woods institutions, meeting in Washington, DC., Under-Secretary-General Sha Zukang said the impact of the global financial crisis on economic environment of developing economies and economies in transition has deteriorated.

He said there is clearly an urgent need to reform the international monetary and financial system to ensure that it is more inclusive and equitable and thus enable credible and effective global economic governance.

The UN statement to the boards of the World Bank and International Monetary Fund points out that the upcoming Financing for Development review, taking place in Doha later this year, offers an important opportunity to send a clear signal of the urgency of addressing this issue while ensuring counter-cyclical measures to contain the consequences of the ongoing financial turmoil.

This is Donn Bobb reporting for United Nations Radio.

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