The 3F's of Global Crises; Food, Fuel, Finance

Pakistan calls for ‘bold decisions’ to tackle global financial crisis

* Munir Akram says Pakistan disappointed by G-8’s apparent stepping away from 2005 pledge to double ODA

UNITED NATIONS: Pakistan has called for “bold decisions” to deal with a series of global crises, including financial, food, energy and environment issues, afflicting many nations, especially the developing countries.

Adopting by consensus a declaration on the theme of the council’s 2008 session, Implementing the internationally agreed goals and commitments with regard to sustainable development, the ministers recognised that they were meeting at a critical juncture in their efforts to realise [those goals], including the Millennium Development Goals. They further recognised that all nations faced multiple development challenges because of current financial instability and uncertainty; slowing global economic growth; rising food and fuel prices; and the impacts of environmental degradation and climate change.

Gloomy times ahead for world economy from the Star Online

THOSE who had harboured some hope that the global financial crisis is over and that the world economy would suffer a mere hiccup saw these hopes dashed last week.

The news is bad. The financial problems besetting banks and investment institutions are still expressing themselves with no end in sight.

Add to this is a decline of stock markets to official “bear” status. The real economy of jobs and growth is being hit harder.

And on top of all these is the rise of inflation, spurred by the oil price that has hit a high of US$145 (RM475) per barrel, and the onward march of food prices.