Global financial system failing developing countries, says Miliband

Summarised from The Guardian's report · Updated 14 Oct, 06:39 · Archive

Foreign secretary Ed Miliband says the global financial system is failing developing countries struggling with debt.

UK foreign secretary Ed Miliband is calling for urgent reform of the global financial system, arguing it is failing developing countries struggling under heavy borrowing costs. He will make the case at the International Monetary Fund and World Bank annual meetings in Bangkok on Wednesday, evoking the 2005 Gleneagles summit under the previous Labour government as a model for international action.

Miliband will call on multilateral development banks to leverage their balance sheets to help governments refinance debt at better rates over longer repayment periods, giving them what he calls 'precious fiscal space'. 'The global financial system and indeed the global order is failing to serve developing countries on debt, on resilience and on climate,' he is expected to say. 'This is not just against our values but against our national interest.' He opted to attend the meetings himself rather than sending the development minister, underscoring the priority he places on the issue.

Read the report

• Global financial system is failing developing countries, says Ed MilibandUK foreign secretary will call for World Bank and others to help governments trapped by hefty borrowing costs The foreign secretary, Ed Miliband, will claim the global financial system is failing developing countries, as he calls for a “new deal” for governments struggling under the burden of debt. Promising to throw the UK’s diplomatic weight behind urgent reform, he will evoke the example of the Gleneagles summit under the last Labour government in 2005 – the culmination of the Make Poverty History campaign. Continue reading...The Guardian · 14 Oct, 06:00

In this story: Ed Miliband · UK · World Bank · International Monetary Fund · Bangkok

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