New Delhi: Prime Minister Atal Behari Vajpayee on March 4 asserted the Non-Aligned Movement (NAM) was "still relevant, practical and useful" and can play an important role in bringing peace in the world.

"NAM is still relevant. It is practical and useful for one and all. This movement can play an important role in bringing about peace in the world," Vajpayee said adding it has been decided at the recent NAM summit in Kuala Lumpur that the movement should be further strengthened and redefined.

Winding up discussion on the motion of thanks on President's address in Rajya Sabha, Vajpayee elaborated on the outcome of the recent NAM summit and said 116 member countries agreed that NAM had to rediscover its relevance in the face of international environment.

NAM has become even more necessary in a uni-polar world but it has to focus on current realities and contemporary challenges for it to be relevant, he said.

Vajpayee said the recent NAM summit had suggested setting up of a Global Poverty Alleviation Fund.

It has suggested a levy could be imposed on all multilateral loans and this money could go to the fund, which could be utilised for poverty eradication programmes in developing countries.

Apart from strengthening South-South cooperation, it was decided that it could play a pro-active role in North-South engagement so that differences between developed and developing countries could be resolved through dialogue.

PTI