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Malaysians to study reforms of international financial system

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Points of Essence:

  • Malaysian central bank’s governor, Dr. Zeti Akhtar Aziz and economist Jomo Sundaram have been appointed to a high level panel under the auspices of the United Nations to study the current state of the global financial system and its machineries. This is to mobilize a coordinated effort at the international level to address the current global financial crisis. The Star has the report.

Zeti and Jomo appointed to UN taskforce

By JOSEPH CHIN

PETALING JAYA: Bank Negara Governor Tan Sri Dr Zeti Akhtar Aziz and Malaysian economist Jomo Kwame Sundaram have been appointed members of a high-level United Nations taskforce that would examine possible reforms of the global financial system.

The taskforce was formed as a result of the current global economic turmoil.

The Commission of Experts on Reforms of the International Monetary and Financial System would also look into the possible reform of the International Monetary Fund (IMF) and the World Bank, the United Nations said in a statement.

The commission would also suggest measures which member states could take to secure a more stable global economic order.

Former World Bank chief economist Joseph Stiglitz, who won the Nobel Prize for Economics in 2001, will chair the commission.

Other members include Jean-Paul Fitoussi, professor of economics at the Institute d’Etudes Politiques de Paris in France; Avinash Persaud of Barbados, who is chairman of Intelligence Capital Ltd, and Yaga Venugopal Reddy, former governor of India’s Reserve Bank.

Other members of the panel are Japan’s Eisuke Sakakibara, who is professor at Waseda University in Tokyo; Chukwuma Soludo, the Governor of Nigeria’s Central Bank; and China’s Yu Yongding, the director of the Institute of World Economics and Politics.

Jomo, a former Universiti Malaya lecturer, is currently the UN Department of Economic and Social Affairs’ assistant secretary-general for economic development.

UN General Assembly president Miguel D’Escoto, who announced the formation of the panel last month, had noted that a coordinated effort at the global level was needed to resolve the current turmoil in the financial system.

Source: The Star

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Written by Suapi Shaffaii

November 16, 2008 at 9:06 pm

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