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Lasting reforms needed to avoid crisis

May 21, 2009 11:27 IST
A top UN body dealing with trade and development issues has recommended "deep and lasting" reforms to avoid a repetition of the current economic downturn.

United Nations Conference on Trade and Development (UNCTAD), during a two-day symposium in Geneva, also recommended that significant international efforts and funding be supplied "to stimulate developing-country economies and to support employment in those nations, and that steps be taken to stabilise currency-exchange rates."

The symposium on the global financial crisis began on May 18 and attended by around 360 UN experts, government officials and members of the public.

The speakers repeatedly said, "recent reports of economic improvement in industrialised countries should not be taken to mean that the downturn is over, and should not lead decision makers to ignore the profound and long-lasting effects on poor countries."

Other recommendations included a debt moratorium for heavily indebted developing countries so that they have more money available for stimulating their economies, and a global programme to preserve and protect jobs in developing nations.

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