Gambia on Wednesday called for the equity of developing countries in international financial decision-making and regulation.
Speaking at the high-level UN conference on the world financial crisis, Gambian Vice President and Minister of Women's Affairs Isatou Njie-Saidy said "The evolution of the crisis has clearly engendered the need for equity in international financial decision-making and regulation."
"Every nation should have a say in the development of a just economic system -- it should no longer be the preserve of the privileged few," she said.
The United Nations kicked off the high-level conference on Wednesday on the global financial crisis and its impact on development and is expected to adopt the outcome document on Friday, which touches upon reforming the global financial system.
"The crisis exposed the need for greater voice for developing countries on how the international financial system is operated and regulated," she said. "For a crisis that we did not trigger, but for which we bear the greatest burden, it is absolutely logical that decisions about us be taken with our full participation."
"It is our humble view that the United Nations is uniquely placed to give that voice and platform to developing countries -- to call for a rigorous and vigorous response from the international community," she said.
Owing to the on-going financial crisis, the World Economic Outlook of the International Monetary Fund projects global growth to decelerate 0.5 per cent when measured in terms of purchasing power parity and to contract by two per cent when measured in market exchange rates, she said.
"The following indices are quite telling: For the first time in 100 years or more, virtually all the G8 economies will report negative GDP in 2009, the granting of new loans at the start of 2009 is at their lowest level since 1930, US job losses totalled 2.5 million, the worst since 1929 and, container cargo trade between Asia and Europe has fallen for the first time in history," she said.
"As a result, advanced economies have suffered a colossal 3.8 per cent fall in output, millions of families are facing loss of homes and employment," she said.