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CBN Governor, Nobel Laureate on UN Experts' Panel

17th Nov. '08

The UN General Assembly has constituted a 10-member panel, including Governor of Nigeria's Central Bank Charles Soludo, to reform the international financial system, according to a statement by the President of the assembly, President Miguel d'Escoto Brockmann. The statement, obtained by PANA here Saturday, said that the high-level task force - to be known as "Commission of Experts on Reforms of the International Monetary and Financial System" - would examine modalities to reform the International Monetary Fund (IMF) and the World Bank, in the wake of the current global economic crisis.

The commission will suggest steps that member states can take to secure a more stable global economic order," the statement said. A Nobel Laureate in Economics and former chief economist at the World Bank, Joseph Stiglitz, will chair the Commission.

Other members are Jomo Kwame Sundaram, the current Assistant Secretary-General for Economic Development and the UN Department of Economic and Social Affairs (DESA); Jos Antonio Ocampo of Colombia, a former UN Under Secretary-General for Economic and Social Affairs; Zeti Akhtar Aziz, the Governor and Chairman of Malaysia's Central Bank; Jean-Paul Fitoussi, Professor of Economics at the Institute d'Etudes Politiques de Paris in France; Avinash Persaud of Barbados, Chairman of Intelligence Capital Limited and Yaga Venugopal Reddy, former governor of India's Reserve Bank.

The panel also includes Japan's Eisuke Sakakibara, currently a Professor at Waseda University in Tokyo; and China's Yu Yongding, the Director of the Institute of World Economics and Politics.

In addition to working groups, the commission will hold plenary meetings at the UN headquarters in New York next month, at the end of January and in March 2009. Announcing plans to form the panel last month, Brockmann said: "there is growing recognition that the current turmoil in the financial system cannot be solved through piecemeal responses at the national and regional levels".

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May we be strengthened with the ability, willingness and capabilities to be good ambassadors of Nigeria contributing to its uplifting, rather than its detriment. - Cxsm