Washington: An important group of developing countries urged advanced nations to step up financial aid to help them deal with the severe impact of higher food and energy prices and the turmoil in global financial markets.

The Group of 24 Developing Countries also wants the US and other major industrialized nations to take decisive action to deal with the present economic and financial crises, specifically by more closely monitoring and supervising the markets.

The G-24 yesterday said in a communique that coordinated international action is needed to prevent the emergence of a larger crisis and agreed the International Monetary Fund has an important role in responding to the current crisis. They also urged the IMF s sister institution, the World Bank, to increase advice and financial support.

The G-24 met on the sidelines of the spring meetings this weekend of the two 185-nation Washington-based lending institutions founded after World War II to monitor the global economy and help poor nations reduce poverty. The G-24 includes developing countries from Asia, Africa and Latin America. China participates as an observer.

Jean-Claude Masangu-Mulongo, chairman of the G-24 and governor of Congo's central bank, said the world was facing "an unprecedented financial crisis that began ... In the heart of the system, the United States, and is spreading."

He said a coordinated and collective international response led by the bank and the IMF is needed.

The G-24 communique was unusual in the amount of advice it offered advanced countries. Usually the communiques speak of how the G-24 will deal with recommendations it receives from the rich countries and the international financial institutions such as the IMF and World Bank.

Source : PTI