(RTTNews) - President George Bush gave remarks to the UN International Conference on Financing Monday, where he called on all nations to come together to solve the economic crisis while reassuring other nations that the US would continue to do its part in the effort.

“Six years ago,” Bush said, “I joined leaders from 50 countries at the United Nations Conference on Financing for Development at Monterrey, Mexico to forge a new partnership for development.”

Bush said the partnership had been based on “a consensus among the world’s nations that development is in the common interest of humankind.”

He argued the best way to raise the living standards of the world’s poorest people “is to create economic growth by using all forms of development finance — including trade, investment, grants, and lending — in countries that govern justly, invest in their people, and encourage economic freedom.”

Bush told the conference that all nations involved should “reaffirm our commitment to the development principles agreed upon at Monterrey.”

“The world’s economic growth is currently threatened by a global financial crisis,” Bush continued. “The world’s poor are the most vulnerable to the crisis, with low or no savings or assets to weather the turmoil.”

The president promised the US would “not abandon its commitments to people in the developing world in the midst of this financial crisis,” and called on other nations to “similarly reaffirm and fulfill their commitments to development and assist the world’s poorest.”

He said the US “pledges to assist developing and emerging economies in gaining access to finance and pledges to help ensure that the International Monetary Fund, the World Bank, and other multilateral development banks have the resources to assist countries in crisis.”

“The nations of the world are increasingly interdependent,” Bush said in closing his remarks. “With interdependence comes mutual responsibility and accountability…The development principles of Monterrey provide us with a proven path to prosperity and partnership. Let us join together today in reaffirming that partnership.”

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

Posted in Categories: Economy, Releases, USA.

Subscribe by RSS Subscribe by Email