Non-Aligned leaders urge global financial review

By Brendan Boyle

DURBAN, South Africa, Sept 3 (Reuters) - The Non-Aligned Movement (NAM) on Thursday called for an accelerated review of the global financial system's impact on poor countries as a summit in South Africa drew to a close.

In a final document, leaders of the 113-nation movement urged richer nations to provide active support for Africa's renaissance after centuries of underdevelopment and poverty.

``Whilst the international community has a crucial role to play in assisting Africa to achieve African development priorities and goals, the primary responsibility for the development of Africa lies with the Africans themselves,'' the document said.

They called for a democratic review of international financial mechanisms, including the operations of the International Monetary Fund and the World Bank in full consultation with the developing world.

``The Heads of States or government...urged the developed accelerate the review of the world financial system with the objective of ensuring that short-term capital flows were supportive of expanding trade, employment and development,'' they said in the 127-page final document.

The document was largely identical to the text released after the last summit three years ago, but officials said the call for a quick review of financial systems was amongst those clauses that were redrafted.

South African Deputy President Thabo Mbeki stressed the need for economic reform in two key speeches to the summit.

``The current instability and volatility in the world financial markets is seriously affecting the real economies of especially the so-called emerging markets in Asia, Latin America and Africa, many of which are members of the Non-Aligned Movement,'' he said on Thursday.

Mbeki's call for a review of the relationship between the commodity-based economies of the developing world and the manufacturing economies of the developed world was echoed by many members during speeches at the summit.

While the leaders underlined the obligation of the NAM countries to fight for their own place in the increasingly global economy, they criticised the declining commitment of the richer countries to help.

``They deplored the continued marginalisation of Africa and called on the African countries to take proactive steps to improve the climate for investments,'' the document said.