[governance-vn] TOP UN ASIA-PACIFIC OFFICIAL PUSHES FOR POOLING OF FISCAL RESOURCES TO BEAT RECESSION
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Thu Jul 30 12:44:38 EST 2009
Subject: TOP UN ASIA-PACIFIC OFFICIAL PUSHES FOR POOLING OF FISCAL RESOURCES TO
Date: Tue, 28 Jul 2009 14:00:03 -0400
From: UNNews <UNNews at un.org>
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TOP UN ASIA-PACIFIC OFFICIAL PUSHES FOR POOLING OF FISCAL RESOURCES TO BEAT
New York, Jul 28 2009 2:00PM
Large-scale government stimulus packages are closed off to many nations across
Asia and the Pacific, the top United Nations official for the region told a
gathering of senior finance and central bank representatives, promoting a
cooperative approach to jump-starting economies out of the global recession.
“We need to recognize that not all countries have the fiscal space to implement
counter-cyclical measures at significant scales due to budget constraints,”
Noeleen Heyzer, Executive Secretary of the UN Economic and Social Commission for
Asia and the Pacific
(<"http://www.unescap.org/unis/press/2009/jul/g50.asp">ESCAP), said yesterday.
Shrinking resources and other fiscal issues have left several countries in the
region with little room to manoeuvre in their efforts to reignite suffering
economies, Ms. Heyzer said in a message to the regional high-level workshop on
the role of monetary, fiscal and external debt policies in responding to the
In her address, Ms. Heyzer pointed to the international community’s response to
the crisis and noted that the Asia-Pacific region, with over $4 trillion in
foreign exchange reserves, can work together to spur recovery and restore
Ms. Heyzer added that ESCAP can bring countries together to share experiences
and coordinate their development activities for greater regional results, as
exemplified by the high-level meeting in December 2008 in Bali, Indonesia, on
the food and fuel hike, financial market meltdown and climate change crisis.
“The huge scale of government spending in the pipeline in many countries offers
an unprecedented opportunity to design policies that will bring about more
inclusive and sustainable development,” she told participants at the four-day
workshop in Dhaka, Bangladesh.
The ESCAP workshop looking into various economic policies used by governments in
the region to deal with the global financial crisis, hosted by the Bangladesh
Bank, has brought together top officials from the finance ministries and central
banks of Bangladesh, Bhutan, Cambodia, China, Fiji, India, Laos, Malaysia,
Maldives, Nepal, Pakistan, the Philippines, the Republic of Korea, Russia, Sri
Lanka, Thailand and Viet Nam.
Also attending are experts from international organizations, including those
from the Asian Development Bank (ADB), the International Monetary Fund
(<"http://www.imf.org/external/index.htm">IMF), the UN Development Programme
(<"http://www.undp.org/">UNDP), <"http://www.worldbank.org/">World Bank and
civil society organizations.
For more details go to UN News Centre at http://www.un.org/news
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