Maravi

Zambia calls for solution to US, Eurozone crisis

Zambia calls for solution to US, Eurozone crisis
By Chiwoyu Sinyangwe
Tue 27 Sep. 2011, 10:30 CAT

ZAMBIA has asked International Monetary Fund and World Bank to find necessary and appropriate solutions to the continuing economic crisis in US and Eurozone which may hurt poor people in developing countries.

Zambia's permanent representative to the United Nations, Ambassador Lazarous Kapambwe said the crises in the West had led to a reduction in fiscal resources that shielded populations from rising food prices. Ambassador Kapambwe, who is also the president of the Economic and Social Council (ECOSOC), said poor countries were the hardest hit by any crisis in Europe and US.

"We are meeting in the midst of a stubborn and continuing financial and economic crisis across the globe. This meeting is therefore not only timely, but is being looked to with great hope and anticipation by the peoples of the world," Ambassador Kapambwe said when he addressed a Development Committee at the 2011 IMF/World Bank Annual Meetings.

He said the continuing crisis had an adverse impact on the economic recovery of developing countries.

Ambassador Kapambwe said women, especially in the Third World countries, were the worst affected by the global financial and economic crisis.

He said that women's empowerment and poverty eradication were necessary if all the Millennium Development Goals (MDGs) were to be achieved.

Ambassador Kapambwe was happy that in July 2010, the United Nations General Assembly created UN WOMEN, whose role among others was to hold the UN system accountable to its commitment to Gender equality, including regular monitoring of system-wide progress.

At the same gathering, World Bank president Robert Zoellick said that the continued uncertainties in the global economy posed a great threat to continued growth in emerging and developing countries.

IMF managing director Christine Lagarde noted that in the event that the downside risks of the slowing economy materialized, the IMF was ready to respond rapidly to new financing requests by drawing on the enhanced mechanisms put in place at the start of the crisis.

Labels: AMBASSADOR, EU, GREAT DEPRESSION II

posted by MrK @ 6:23 PM