UN agrees with Nazarbayev on global financial system reform

Nestor Osorio. ©REUTERS

The United Nations support major reforms of the international financial system, Tengrinews.kz reports citing the President of the UN Economic and Social Security Council Nestor Osorio as saying at the Global Anti-Crisis Conference in Astana. “The main lesson taught by the global economic crisis is very clear. Mister President [Nursultan Nazarbayev] clearly stated that we won't be able to prevent the international economic crisis without a common economic management. That means that we need to increase transparency and ensure better control over the international financial system. The international financial monetary system requires significant reforms to reflect today’s reality at the global level,” Osorio said. That’s why, he noted, the system of participation in the global economic management requires further expansion that will include developing countries in the process of decision-making and setting of the rules of economic development. He also stated that the process of management of the global economy required active participation of the civil society and private sector. Напомним, Президент Казахстана Нурсултан Назарбаев на пленарном заседании Всемирной антикризисной конференции отметил о возможности взрыва локальных финансовых систем. “It is pretty obvious that the time has come for state and private sectors, as well as for the business community to join their efforts to work as one instead of working in isolated sectors they belong to,” Osorio said. Kazakhstan President Nursultan Nazarbayev also mentioned possible raptures of individual financial systems as part of a scenario of the coming new phase of the crisis. By Baubek Konyrov

The United Nations support major reforms of the international financial system, Tengrinews.kz reports citing the President of the UN Economic and Social Security Council Nestor Osorio as saying at the Global Anti-Crisis Conference in Astana. “The main lesson taught by the global economic crisis is very clear. Mister President [Nursultan Nazarbayev] clearly stated that we won't be able to prevent the international economic crisis without a common economic management. That means that we need to increase transparency and ensure better control over the international financial system. The international financial monetary system requires significant reforms to reflect today’s reality at the global level,” Osorio said. That’s why, he noted, the system of participation in the global economic management requires further expansion that will include developing countries in the process of decision-making and setting of the rules of economic development. He also stated that the process of management of the global economy required active participation of the civil society and private sector. Напомним, Президент Казахстана Нурсултан Назарбаев на пленарном заседании Всемирной антикризисной конференции отметил о возможности взрыва локальных финансовых систем. “It is pretty obvious that the time has come for state and private sectors, as well as for the business community to join their efforts to work as one instead of working in isolated sectors they belong to,” Osorio said. Kazakhstan President Nursultan Nazarbayev also mentioned possible raptures of individual financial systems as part of a scenario of the coming new phase of the crisis. By Baubek Konyrov

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