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Developing countries urges reform of global financial system
(Xinhua)
Updated: 2009-09-29 05:08

UNITED NATIONS: The Group of 77 and China, the largest group of developing countries in the United Nations, on Monday called for the "comprehensive" reform of the international financial and economic system.

Ghazi Salahuddin Atabani, advisor to the Sudanese president, made the announcement on behalf of the G77 and China, when he addressed the UN General Assembly's general debate.

Such a reform should safeguard "an enhanced role for the developing countries and their participation in norm setting and standards and in decision making processes in international financial institutions," Atabani said.

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"Major industrial countries cannot constitute a substitute for our universal legitimacy as embedded in the collective voice of our states here at the United Nations," he said.

"The absence of transparency and the marginalization of the developing countries' role in the formulation and implementation of the economic and financial policies at the international level, " among other things, have contributed to the "creation and exacerbation of the economic and financial crisis." he said.