NAM seeks solutions for financial crisis

EGYPT: Aligned Movement (NAM) Summit opened here Wednesday to seek more solidarity among developing countries to tackle major international and regional issues including the ongoing world financial crisis.

Cuban President Raul Castro, who was chairperson of the 14th NAM summit, declared the opening of the 15th summit, held in the Egyptian Red Sea resort of Sharm el-Sheikh for two days.

During his speech, Castro said NAM has the conviction that all countries in the world should search for effective and justified measures to tackle the current financial crisis. “The current crisis originated from rich countries due to their unbalanced and partial international economic system.

We call for the renewal of the international financial system, based on the real participation of developing nations,” he said.

After the speech, Egyptian President Hosni Mubarak was elected by acclamation as chairperson of the 15th NAM Summit.

Mubarak appealed for the construction of a new international political, economic and trade system, which is more balanced and equitable.

He said this summit is a good opportunity for dialogue and NAM members should make use of this summit to boost solidarity.

Sharm El-Sheikh, Thursday, Xinhua