South African President Jacob Zuma Wednesday called for fundamental reforms of global financial institutions and the United Nations.
Addressing a high-level debate of the UN General Assembly, Zuma said the global economic meltdown has dealt a heavy blow to world efforts to eradicate poverty, but it should not diminish our resolve.
Developing countries did not cause the economic crisis, but they are severely affected by it, Zuma said, adding that the United Nations must play a significant role in finding solutions to the global economic crisis.
"The crisis has further highlighted the urgent need for the fundamental reform of the Bretton Woods institutions, including their mandate, scope, governance and responsiveness," the president said.
The institutions have been unrepresentative since their formation a half century ago, Zuma adding that the current arrangements are "inadequate and unfair," not reflecting the changes that have taken place in the global economy.
"We should ensure that the election of the heads of all these institutions is more democratic, and opens opportunities to developing countries," said Zuma.
"The emerging and developing economies, including the poorest, must have a greater voice and greater participation in these institutions," he said.
Calling the UN "must continue to be at the center of multilateralism," Zuma said the 192-member world body "needs to be reformed if it is to carry out its mandate effectively, efficiently and transparently."
South Africa remains committed to the view that no reform of the United Nations can be complete without a fundamental reform of the Security Council, said Zuma.
"If the UN Security Council is not reformed, and does not have permanent representation for Africa, the legitimacy of the Council's decisions will continuously be questioned," he said.
Some 140 heads of state or government are expected to speak at the seven-day debate, which opened on Wednesday with an overarching theme, "Effective responses to global crises: strengthening multilateralism and dialogue among civilizations for international peace, security and development."
Source:Xinhua
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