Zuma calls for external regulation of global financial institutions

South African President Jacob Zuma has called on global financial institutions to reflect the changing global economic realities.

He said the inability of global financial institutions to respond to the current global financial crises and the recession was enough proof for these institutions to change from self regulation to that which reflects the changing economic realities and provide a voice and representation to developing countries.

Mr Zuma said this in his address at the 15th Summit of Heads of State and Government of the Non Aligned Movement in the Egyptian resort city of Shama El Sheikh.

The two-day summit is discussing solidarity for and peace development among developing nations and the relevance of the 118-nation movement in the wake of the end of the cold war, new challenges of the global financial crises, effect of climate change and the proliferation of small arms and renewed conflicts.

Mr Zuma said South-South co-operation was now more important than ever but engagement with the north, based on the principle of equality, should be continued to ensure transformation and renewal of relations for the implementation of commitments made by the developed world.

“We must ensure in our engagement with the developed north that we continue to push for the reform of the global financial architecture,” President Zuma said.

He condemned marginalisation and oppression of the underprivileged and called on Israel to immediately cease the building of settlements in the West Bank and withdraw their forces from the occupied territories.

President Zuma called on the Movement to draw on the hallmark of solidarity and to use it to enhance its commitment towards peace, development, the promotion of democracy and human rights.

The Summit has declared July 18, the birthday of first former South African President Nelson Mandela as International Nelson Mandela Day to commemorate his 67 years of political service to the people of South Africa and the world

The declaration is awaiting a resolution to be adopted by the United Nations General Assembly at its 64th session.

Source: GNA