PM wants stabilisation fund for developing countries

THE global financial crisis was caused by the ‘greed and mismanagement’ of developed countries and they should come to the rescue of poor developing nations, Prime Minister Nahas Angula has proposed.

‘A (global) stabilisation fund should be established and member states of the Non-Aligned Movement (NAM) should advocate for such a fund to help affected poor countries weather the storms,’ Angula told Parliament in his contribution to the budget debate on Thursday.’The developed countries should come the rescue of the poor victims of the global credit crisis.’He said falling commodity prices had led to the closure of some mines and retrenchment of workers in Namibia in the past few months. The international crisis had also bad effects on global trade. ‘Negotiations on international trade like the ongoing Economic Partnership Agreements (EPAs) with the European Union are likely to have serious implications for our industrialisation strategy, regional fiscal and economic arrangements and our relations with other trading partners,’ the Prime Minister cautioned. He further proposed that Namibia should take the lead at the United Nations (UN) to propose a global mitigation fund to support countries affected by natural disasters and effects of climate change. ‘Such a fund should be financed by major historical and current polluters,’ Angula said. brigitte@namibian.com.na