'Global financial crisis has affected least developed countries severely'

Nepal's Permanent Representative to the United Nations Madhu Raman Acharya said the global financial crisis has affected least developed countries severely by decelerating their growth, reducing investment and decreasing revenue generation from tourism and remittance, national news agency RSS reported.

In a statement during the general exchange of views in the conference on 'World Financial and Economic Crisis and Its Impact on Development' in New York, he said that the situation in landlocked developing countries has been exacerbated by their remoteness and bottlenecks in transit transport system.

While highlighting the need for central and proactive role of the United Nations system for a collective and comprehensive solution to the financial and economic crisis, ambassador Acharya called for a global stimulus package with special attention to the needs of vulnerable countries.

"The present financial crisis has also created a historic opportunity to begin comprehensive reform of the global trading and financial architecture, particularly the reform of regional and development banks," he added. nepalnews.com