OIC to agree on reforms to international financial architecture
Regional, Economics, 6/28/2000

The Organization of Islamic Conference (OIC) is set to formally agree to reforms in the international financial architecture and the creation of an Islamic common market, reported the Malaysian news agency BERNAMA on Wednesday.

Malaysian Foreign Minister Syed Hamid Albar said the Economic and Social Affairs Committee of the OIC Foreign Ministers (ICFM) agreed on a resolution to that effect at a meeting here Wednesday.

The committee's proposals would be forwarded to the Foreign Ministers at a plenary session for adoption, he said.

Speaking at a press conference during a break on the second day of the four-day session of the OIC ministerial council meeting here, the Malaysian foreign minister said the committee had adopted Malaysia's draft proposals to push for a revamp of the international financial architecture.

Malaysia's recommendations for strengthening the multilateral trading system were also adopted, said Syed Hamid, who is also chairman of the 27th session of the OIC ministerial council.

The committee also approved a proposal by Bahrain for the enhancement of economic ties among OIC-member states and agreed that Islamic countries need to acquire knowledge to be able to advance in science and technology and to enhance trade linkages in order to uplift the socio-economic conditions of the Ummah.

On plans to set up the Islamic Common Market (ICM), Syed Hamid said although the proposal was made sometime back, it was during the current meeting that a statement of intention for its formation was made. He, however, admitted that the establishment of such a market would take a long time when involving multilateral organizations like the 56-member OIC.

Other resolutions adopted by the committee include the need to resolve economic problems of Islamic countries, poverty eradication in least developed OIC member states and external debt burden of Africa and other OIC countries.

On the foreign debt issue, Syed Hamid said the OIC adopted the same stand taken by the G-77 (Group of 77 developing countries) and NAM (Non-Aligned Movement) to write off the debts.

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