Kazakh President Nazarbayev Proposes UN-Based Global Economic Regulator

    Kazakhstan's leader said that the existing efforts to coordinate monetary and fiscal policies in the world were insufficient.
    Kazakhstan’s President Nursultan Nazarbayev suggested on Sunday creating a UN-based economic regulator to steer the global economy to growth, at the G20 summit in Hangzhou, China. "Such structure can be created by transforming the UN Economic and Social Council into a Global Development Council and handing over to it the powers of a global economic regulator," Nazarbayev said, as quoted by his press office. The Economic and Social Council (ECOSOC) is one of the United Nations’ six main organs that is responsible for coordination of economic and social policies. © AFP 2016/ ED JONES Glorious Plan of Kazakhstan: Astana to Spend $20Bln on Silk Road Project The Kazakh leader also said that current efforts to coordinate monetary and fiscal policies as well as reforms were not enough to reverse the slowdown in the global economic growth in the long-term perspective. Nazarbayev urged the world’s 20 major economies to work together with developing countries to lay down more substantial proposals on how to stabilize currency exchange rates globally, as reported by Sputniknews.
    The President of Kazakhstan, Nursultan Nazarbayev, who is attending G20 Summit in Hangzhou, China, invited all participating countries to attend the EXPO-2017 in Astana and offered to hold a number of events under G20 aegis during the exhibition.
    "Kazakhstan actively promotes the implementation of the UN Sustainable Development Goals, Paris agreements and green economy principles. Astana EXPO 2017 themed as "The Energy of Future" will also contribute to these processes. Alongside, we are establishing now the Astana International Financial Centre. I invite all the countries to actively participate in Astana EXPO during which we can hold a number of events under G20 aegis," President Nazarbayev said.
    The Kazakh President also offered to view Kazakhstan's G-Global information and communication platform as a centre of dialogue between G20 and emerging economies.
    "New industrial revolution, digital economy and innovations are deemed today as a measure of global economy revival. I fully back this approach. The implementation of this objective is possible only based on inclusiveness principles. We need to define a centre of the dialogue between G20 and developing countries. I offer to consider G-Global information and communication platform of Kazakhstan as this centre of the dialogue which is open for all the participants. This platform unites more than 30,000 experts from 140 countries today," the President added.
    Nursultan Nazarbayev thanked President of the People's Republic of China Xi Jinping for the invitation and hospitality in Hangzhou. According to him, the current G20 Summit is being held in a quite complicate period. The paces of growth of global economy, trade and capital movement have declined, which is reflected on the well-being of millions of people.
    "The formation of new transcontinental trade-investment associations may lead to decrease of the WTO's role and fragmentation of world economy. These processes may become a start for a new stage of a turf war at the international markets. The way of global development depends mostly on consistency of actions of the entire global community," the President emphasized, Kazinform reported.