G-77: Morocco calls for new international financial regulations
Regional, Politics, 4/15/2000

Morocco on Friday called for new international financial regulations that will take into account the strategic interests of the nations of the south.

"We deem it urgent to ponder new international financial and monetary regulations able to alleviate the effects of the speculative movements which annihilate the efforts of the countries of the south," Moroccan justice minister, Omar Azzimane, told the meeting of the Group of 77 (G-77), which closed doors Friday night in Cuba's capital city.

The conference, which was attended by 42 heads of state mainly from Africa, climaxed with the adoption of an action plan and a declaration, dubbed the Declaration of the South Summit.

Azzimane, who was speaking on behalf of Moroccan Premier Abderrahmane Youssoufi, voiced hope that the legitimate interests of the developing nations would be taken into account in such a drive.

A globalization with a humanitarian character is within humanity's reach provided that the concerns of developing countries are taken into account in drawing the policies of the international financial, commercial and economic institutions, he said.

The Bretton Woods institutions (World Bank and International Monetary Fund) and the World Trade Organization should play a key role in encouraging access to markets, eradicating poverty, reducing debt and promoting direct foreign investments, Azzimane said.

Under-development, marginalization, ignorance and poverty are not an act of God and Morocco believes that these ailments can be done away with part of a genuine north-south dialogue founded on mutual interests, shared responsibility and enhanced cooperation, the Moroccan delegate said.

Touching on Morocco's relations with developing nations, Azzimane said, for instance, the Kingdom allots 90% of its cooperation budget to Africa.

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