New world financial system is needed – President

20:51, 13 October 2009

ZHAMBYL REGION. October 13. KAZINFORM /Galina Skripnik/ "The current financial situation in the world has become the defective one", - the Head of the State stated answering the question of a third-year student on the role of such organizations as the UN, World Bank and International Monetary Fund.

"At present dollar is the world currency", Nursultan Nazarbayev said. He noted that about forty percent of American citizens spent their money for credit repayment. "What can we talk about if even American people are not able to repay loans?"

According to the President there is a necessity to establish a special committee for organization of a new world financial system whereas the capital stock of the World Monetary Fund will be allotted to developing countries.

"The World Bank should be reorganized", - the President said. "A world democratic and just currency recognized in all countries is needed. These proposals are discussed in scientific community. The world economy creates production amounted to USD 40 trln whereas USD 400 trln is issued. The problem is in this."

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