Kazakh president warns of a new phase of financial crisis

Astana: Nursultan Nazarbayev, president of Kazakhstan, on Thursday warned that the financial crisis is not yet over but was posted out to a new phase, calling on the international community and the UN to take necessary steps towards a new economic world order.

Speaking at the opening of the Sixth Astana Economic Forum (AEF) and the first World Anti-Crisis Conference (WAC), Nazarbayev highlighted that the new world order should be based on trust, confidence, constructive multi-polarity and revolutionary changes that lead to political, economic and social stability towards sustainable development.

“It is time it act and we have to establish a new world order to solve our current financial and economic crisis since if remain unsettled and pending they will be conducive towards another crisis,” warned the president.

He stressed that there is a dire need for concerted efforts to establish common rules and regulations to safeguard the world’s economy. “This can be only reached via regaining confidence in the banking and financial sectors which led to this crisis. This Cristina’s turned many countries to chronic recipients of financial aid. We have to have an anti-crisis plan and action in order to cushion the effects of its repercussions as it will not end in a short term,” he said.

The president remarked that some countries are nowadays witnessing artificial bubbles due to flow of capitals to these market doe either social, political or economic stability. Such bubbles are quite destructive if not limited or controlled. Vuk Jeremic, president of the UN General Assembly, seconded the opinion of the president, saying that the financial institutions should act in a way that is beneficial to the world and not to a certain country.

“There is a need to reduce risk and of a future crisis and to exert efforts to sustain economic recovery especially for women and the youth,” said Jeremic.