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March 26, 2009

Indonesia president calls for new global order
Indonesian President Susilo Bambang Yudhoyono is calling for a new global economic order to emerge from a G20 summit in London next week, AFP reported quoting a local news agency.

Sweeping reforms to rebuild the world financial system after the bloodbath triggered by the US credit crisis will be on the table at the two-day summit of rich and emerging countries.

"In the current global financial crisis, the G20 summit is of great significance. I hope the London meeting will come up with a concrete proposal to change the global economic order," Yudhoyono told foreign investors at the State Palace late Tuesday, according to Antara news agency.

Indonesia will be hoping for a fairer economic system for developing nations suffering from the fallout of the world economic meltdown, triggered by poorly regulated mortgage-backed securities in the United States.

"We proposed global expenditure funds at the previous G20 meeting to assist the developing countries which are facing funding difficulties," Yudhoyono said.

US President Barack Obama called this week on G20 leaders to agree a strategy to kick-start the global economy and launch a "new era of economic engagement" to force huge global financial institutions to act responsibly.

"If we continue to let financial institutions around the world act recklessly and irresponsibly, we will remain trapped in a cycle of bubble and bust," he said. European leaders, especially in France and Germany, blame lax regulation for the financial crisis and want the G20 meeting to take on major reforms to tackle abuses.
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