Alatas warns of possible global financial collapse<\/p>\n
NEW YORK (DPA): Indonesia has warned developed countries that
\nthe collapse of financial markets in some Asian countries could
\nspill over to other parts of the world, destroying decades of
\neconomic growth.<\/p>\n
Foreign Minister Ali Alatas was in New York on Monday to take
\nover the leadership of the United Nations' Group of 77 from
\nTanzanian Foreign Minister Jakaya M. Kikwere.<\/p>\n
The G-77 is a loose body of developing countries within the
\nUnited Nations, striving to improve their economies and often at
\nodds with the industrialized world.<\/p>\n
Alatas used the occasion to warn developed countries that what
\nwas happening in Asia could strike them as well.<\/p>\n
The rigors of international financial markets, which moved
\nlarge amounts of currencies in and out of a country, were to
\nblame for the collapse in Asia, he said.<\/p>\n
Alatas said the International Monetary Fund and the World Bank
\nhave acquiesced to Indonesia's demands to regulate the currency
\nmarket to make it more open and transparent.<\/p>\n
He called for wise management of market globalization \"with an
\neye to equitable sharing of responsibilities and benefits\".<\/p>\n
The Group of 77, which was formed in 1964 with an original 77
\ncountries and has grown now to 132, should fight to keep foreign
\ndirect investments alive. He said developing countries could be
\ndevastated if financial inflows dry up.<\/p>\n
He denounced industrialized countries for their \"insidious
\nways of undermining the comparative advantage of our exports\" by
\nintroducing issues such as the environment, labor laws and human
\nrights in trade and economic cooperation.<\/p>\n
\"It is therefore essential that we developing countries become
\nfull and equal partners in the common endeavor to nurture a free
\nand just multilateral trading system within the framework of the
\nWorld Trade Organization,\" Alatas said.<\/p>\n
He repeated a call made by many developing countries that
\ndevelopment should not be sacrificed to save the environment.<\/p>\n
Indonesia's permanent representative to the United Nations,
\nMakarim Wibisono, assumed the leadership of the G-77 on Jan. 1.<\/p>",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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