国际英语新闻：G24 ministers: more help needed for developing countries recovery

ISTANBUL, Oct. 3 (Xinhua) -- Ministers of the Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development (Group of 24 or G24) called here Saturday on the international financial institutions and developed countries to make greater efforts to help developing countries get out of the financial crisis.

    At the 82nd meetings of ministers of G24, the participating ministers stressed that developing countries need "timely and adequate" support to weather through the "deep and prolonged" global recession.

    According to a communique adopted at the meeting, the crisis will continue to take a heavy toll in the developing world.

    "The sharp contraction in world trade, falling remittances and tourism, and continued tight credit conditions have led to a significant slowdown of growth, large employment losses, rising poverty and social pressures in many countries, especially the poorest and the most vulnerable," it said.

    The financial crisis comes on the heels of a food and fuel crisis that had already debilitated many low-income countries, the communique said.

    The ministers noted that the international financial institutions, mainly the IMF and World Bank, have an important role to play in helping these states cope with volatility and in channeling a greater proportion of global savings to these countries.

    Welcoming the steps that have been taken to enhance the responsiveness of the international financial institutions, the ministers stressed that "more still needs to be done."

    "The crisis has highlighted the need to forge a shared vision and for steps to strengthen further the IMF's surveillance function with emphasis on macro-financial stability," the ministers said, reaffirming their support for IMF's greater role in promoting a more stable and predictable international monetary system.

    They also called on the IMF to take further specific measures to enhance its instruments for broad-based precautionary financing.

    The meeting at the same time called on developed countries to avoid protectionist measures and other restrictions in trade, finance, investment and labor services.

    The ministers reiterated the importance of an conclusion of the Doha Development Round, which addresses the needs of developing countries, in particular improved market access and elimination of agricultural subsidies by advanced countries.

    G24 was established in 1971 to coordinate the positions of developing countries on international monetary and development finance issues. Its ministers will hold their next meeting on April 23, 2010, in Washington.