[by:www.21voa.com]
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[00:01.08] A United Nations organization is working to help developing countries 
[00:06.72]become active partners in the world economy. 
[00:11.60]The UN Conference on Trade and Development says 
[00:16.00]recent financial unrest shows the need for new thinking 
[00:21.24]about international trade and development.  
[00:26.16]The conference, also known as UNCTAD, 
[00:30.12]notes financial problems like the debt crisis in Greece,
[00:35.36] growing debt levels in other nations and stock market troubles in Asia.     
[00:43.12]In a new report, UNCTAD is calling for reform of the International Monetary Fund 
[00:50.56]to better meet the needs of developing countries.  
[00:55.28]It also calls on nations to provide greater support for the IMF and development banks. 
[01:04.64]The report says countries should be able to pay 
[01:08.26]for goods and services in their own currencies 
[01:11.76]without having to use money from a third country. 
[01:16.60]And pointing to the issue of debt, 
[01:19.28]UNCTAD has called on international lenders 
[01:22.88]to find better ways to restructure debt payments.  
[01:27.45]The report adds that many signs show the world has recovered in many ways 
[01:34.20]from the financial crisis of 2007 and 2008. 
[01:40.16]Employment is recovering, although not as quickly as needed.  
[01:45.64]And leading measures of stock prices 
[01:48.44]have recovered to their levels before 2008. 
[01:53.56]However, economic growth is slowing in both developed and developing countries. 
[02:01.04]UNCTAD also points to debt as a continuing problem. 
[02:06.52]It estimates that $57 trillion have been added to the world's debt since 2007.   
[02:15.96]A major idea in the UNCTAD report 
[02:19.32]is its call for the development of a better world financial system with a more secure base. 
[02:27.80]Steve MacFeely oversees development statistics and information for the organization.   
[02:36.12]He spoke to reporters in Bangkok Monday.   
[02:40.36]"The image on the front of the report this year 
[02:44.45]is a house of cards and that's really the key message that we want to convey --
[02:49.28] is how to ensure that we're not building a house of cards 
[02:54.20]for an international monetary and financial system for the future 
[02:58.52]but to look at ways of maybe putting in more secure foundations."     
[03:07.16]In its report, UNCTAD criticizes major credit rating agencies, 
[03:12.52]such as Fitch, Moody's and Standard & Poor's, 
[03:17.08]for failing to predict financial crises. 
[03:21.32]Mr. MacFeely says the agencies should either improve their models 
[03:27.24]or "be removed from the system." 
[03:30.40]He suggests they might be replaced by public, international groups.     
[03:38.08]UNCTAD itself has been criticized for tending to support government measures 
[03:44.20]to support economies in crisis. 
[03:48.20]This has been in opposition to the position 
[03:51.68]put forward by many of the world's financial institutions. 
[03:57.12]They often support giving more power to 
[04:00.08]private businesses and expanding trade and markets.    
[04:05.12]I'm Mario Ritter.