NAM should ensure economic revival plan: Indian PM

EGYPT: The Non-aligned Movement (NAM) has a great stake in ensuring that steps planned to revive the global economy take into account the concerns of the developing countries, Indian Prime Minister Manmohan Singh said Wednesday.

"No Non-aligned Summit has ever been in an economic and financial crisis of the magnitude that now grips the world," Singh said at the ongoing 15th NAM Summit being held in this Egyptian Red Sea coastal city.

"This crisis, the worst in living memory, emanated from the advanced industrial economies, but the developing economies, the members of our Movement, have been the hardest hit," he said.

If the aftermath of the crisis is not carefully managed, and if the abundance of liquidity leads to a revival of speculative activities, the world may well see a period of prolonged stagflation, he added.

The world is facing the challenges of food security, energy security, the environment and the reform of institutions of global governance, the prime minister said, adding "they are embedded in the economic crisis and must be dealt with comprehensively and with a sense of urgency." Sharm El Sheikh, Thursday, Xinhua