Global financial architecture is awfully backwooded: Nazarbayev

Nazarbayev of Kazakhstan has called the global financial architecture awfully backwooded, Tengrinews.kz reports. “I proposed to organize a global anti-crisis conference in Astana to work out a global UN anti-crisis plan. I believe you know that the UN December session supported this initiative. The current state of the world's development testifies to the relevance of the idea. And our young nation is not indifferent to the world's fate. Everyone has acknowledged that the current crisis is a global one. But no one has made any global conclusions so far,” Kazakhstan President told the heads of the diplomatic missions and international organizations accredited in Astana. Nursultan Nazarbayev used a metaphor to describe the attempts to counter the financial crisis. “The measures that are currently being taken are like burning a heap of $100 notes in search of one cent lost somewhere in the dark. The real way out of the global crisis is impossible without a global transition to an adequate and promising financial architecture, because the current one is awfully backwooded against the backdrop of the global development. This is what we should be talking about, especially in the framework of the UN and global financial organizations. I am inviting our foreign partners to take part in the next Astana Economic Forum to be held this year,” Kazakhstan President said. By Renat Tashkinbayev