Richer countries have greater responsibility to restore financial stability - Ban

00:25, 19 October 2011

NEW YORK. October 19. KAZINFORM Secretary-General Ban Ki-moon on Oct 16 said that the world's major economies must shoulder greater responsibility to restore global financial stability, urging them to follow the model of the 2008 London summit of the Group of 20 (G20) when leaders agreed to back the financial system for the benefit of all with more than a trillion dollars in credit.

"Today, the G20 must be no less ambitious," said Mr. Ban in an address to the 125th Assembly of the Inter-Parliamentary Union in the Swiss city of Bern, the UN News Centre reports.

"It must be imaginative in considering innovative new means of financing development and renewable energy for all. The G20 must also follow through on the development agenda agreed to last year in Seoul, with a special emphasis on achieving the Millennium Development Goals [MDGs]."

He pointed out that developing economies are a vital source of global dynamism, which can be unleashed for the benefit of future generations if they are supported to advance on a course of sustainable development.

The Secretary-General exhorted leaders of the larger economies to re-dedicate themselves to securing a comprehensive climate change agreement, noting that there can be no sustainable development or prosperity for anyone unless the realities of climate change are addressed.

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