IMF should look for new debt relief sources - Ministers
NON-ALIGNED Foreign Ministers are urging the International Monetary Fund (IMF) to explore new sources or mechanisms for debt relief measures. At a recent meeting in Colombia, the ministers also appealed for creditor countries to use the Highly Indebted Poor Countries Initiative to give relief to more countries and make conditions more flexible. The Ministry of Foreign Affairs said the 13th ministerial conference noted the need for decisive steps to reduce or cancel bilateral debts and said developed countries must contribute to the IMF's Enhanced Structural Adjustment Facility. Ministers also called for the "immediate elimination of all political measures prohibiting access of some developing countries to the resources of the international financial institutions by certain developed countries." They appealed for a durable solution of the indebtedness of developing countries, including those of middle-income, which is seriously crippling their sustained economic growth and development. "While a number of measures and policies in the past, including rescheduling, have been helpful in alleviating the immediate situation, they have not achieved a durable solution," the ministry observed. It said the ministers particularly recognised the economic and social costs being incurred by middle-income developing countries because of debt servicing obligations. "Thus, in any such discussion on debt...the `once and for all' debt reduction policy arrangements should be seriously considered so as to speed up the release of financial resources for development, particularly for the countries which are honouring their debt repayment commitments in the face of acute economic difficulties." The ministers said the solutions would require new initiatives and urged the intensification of measures on debt write-off to promote development investments. The meeting also supported an international conference being convened by the United Nations to discuss illicit trafficking in firearms, ammunition, explosives and related materials. A preparatory committee has been formed for the meeting scheduled for next year. The ministry said in discussing the matter, the ministers stated "how deeply concerned they were over the illicit transfer, manufacture and circulation of small arms and light weapons and their excessive accumulation and proliferation in many countries with destabilising effects. "They fully shared the regional and international concern that the easy availability of illicit small and light weapons escalate conflicts, undermine political stability and have a devastating impact on peace and security." Foreign Minister, Mr Clement Rohee who addressed the conference, called on countries to work to eliminate illicit trafficking of arms and light weapons. He also urged G8 countries to harness and humanise globalisation and trade liberalisation when they meet in Japan next year and said South-South cooperation must be pursued on its own merits and form an integral part of discussions with partners in the North. Rohee backed calls for adequate financial support of the United Nations, saying a "UN that is starved of funding cannot be expected to serve the interests of the developing countries. "All too frequently we see a bypassing of the UN and increasing resort to unilateral measures; we are challenged within both the NAM and UN to define a strategy to safeguard our sovereignty as well as the future of the world organisation." The ministers also noted the interdependence of nations and the varying levels of human development worldwide and the need for a New Global Human Order to reverse disparities between the poor and rich through poverty alleviation, expanded productive employment and promotion of social integration. The meeting considered the controversy over Venezuela's claim to the Essequibo and welcomed continued commitment to seek a peaceful solution. "They fully supported the parties in their decision to continue to avail themselves of the good offices of the United Nations Secretary General and his Special Representative in order to reach a final settlement as called for by the Geneva Agreement of 1966," the ministry reported. It said they also welcomed the initiative undertaken by the two countries to enhance functional cooperation by the establishment in March 1999 of a high-level bilateral commission.
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