Ron Nechemia Attends High Level UN Meeting on Economic Crisis

8/6/2019 Ron Nechemia Attends High Level UN Meeting on Economic Crisis

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19 June 2009EFG-US-20090619-1

MEDIA ANNOUNCEMENT

Media ContactJeff Mustard

EurOrient Financial Group

[email protected]

Mr. Ron Nechemia, Chairman of EurOrient Financial Group, to Attend

United Nations Conference at the Highest Level on the World Financial

and Economic Crisis and its Economic Impact on Development

LOS ANGELES, CALIF.: 19 June 2009 The United Nations is convening a three-day summit of world

leaders from 24 26, June 2009 at headquarters to assess the worst global economic down turn since the

Great Depression. The aim is to identify emergency and long-term responses to mitigate the impact of the

crisis, especially on vulnerable populations, and initiate a needed dialogue on the transformation of the

international financial architecture, taking into account the needs and concerns of all Member States. Mr.

Ron Nechemia, the Chairman of the Board of Directors of the EurOrient Financial Group (EurOrient)

and a Permanent Representative to the United Nations, will attend the United Nations Conference at the

Highest Level on the World Financial and Economic Crisis and its Economic Impact on Development.

This extraordinary General Assembly session was mandated at the Follow-up International Conference on

Financing for Development, held in December 2008 in Doha, Qatar. Member States requested the General

Assembly President Miguel dEscoto Brockmann to organize the meeting at the Highest-level with the

participations of Heads of State and government. As an officially recognized representative of the private

sector to the United Nations, Mr. Nechemia, who is recognized as the founding father of private sector

development, will be delivering a prepared Policy Statement to the conference. The conference is

comprised of plenary sessions and four interactive roundtable exchanges among world leaders and

representatives of the United Nations system, including the World Bank and the International MonetaryFund, as well as civil society organizations and the private sector.

Mr. Nechemias policy statement will offer his perspective as a global development financier into the

issues that fomented the collapse of the worlds financial systems while at the same time offering concrete


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suggestions concerning efforts to mitigate the problems as they currently exist and recommending solid

solutions to improving the worlds badly damaged financial architecture.

In his forthcoming Policy Statement to the United Nations Conference, Mr. Nechemia observes:

Government bodies, such as but not limited to, the US Securities and Exchange Commission

(SEC) and the Federal Reserve Board of Governors in Washington DC, together with the

international organization failed to understand the evolution in financial technology, and perhaps

were not sure as to which of the government agencies has responsibility for oversight. This lack of

oversight coupled with a failure to establish new guidelines that would mitigate risks associated

with evolution of contemporary financial technology by imposing stricter safety standards and

higher capital requirements in overall terms on the financial institutions in developed financial

markets, compared to the previous standards contributed greatly to the present day global financial

debacle. Both the scale and persistence of the attendant credit crisis seems to suggest that

securitizationtogether with poor credit origination, inadequate valuation methods, and

negligently insufficient regulatory oversighthave severely damaged global financial stability.

Mr. Nechemia also urges the following:

I stress the importance of the recognition that the markets have become global but our regulatorycontrols have remained local. A solution will only be found if we take steps to strengthen

international financial regulation and supervision.

I am calling on harmonizing national with international regulatory policies and legalframeworkstoenhance coordinatedsupervision and resolution of firms and markets that operate across borders

I urge that we need to explore the regulatory, supervisory, macroeconomic and financial stabilityissues raised by these new financial instruments in relationship to their contribution to current

financial crisis.


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I reiterate my resolve to the urgent task before us is to develop processes, mechanisms and policieswhich can better link humanity to the benefits of globalization. This is the challenge which United

Nations must address.

The impact, demands and challenges of this global financial crisis have rightly captured the attention of

world leaders, says Mr. Nechemia whose full policy statement to the 24 26, June UN Global Financial

Crisis Summit will be published in its entirety 24, June, during the day of the event at the United Nations

and will be made available on the companys website: www.eurorient.org.

Emphasizing the critical importance of this global financial crisis and what it means to the people of the

world in lesser developed countries and emerging market economies in particular along with the

international financial institutions whose charter it is to play a significant role in socially responsible

development, Mr. Nechemia also attended the United Nations Conference on Trade and Development, 27

April 2009. Barely one month ago, this conference agenda stressed and focused on, Confronting the

Challenges of Financing for Development: Coherence, Coordination and Cooperation in the Context of the

Implementation of the Monterey Consensus and the Doha Declaration on Financing for Development.

This United Nations sponsored event was a Special High-level Meeting of the Economic and Social

Council (ECOSOC) with the Bretton Woods Institutions, the World Trade Organization and the United

Nations Conference on Trade and Development where Mr. Nechemia delivered a Policy Statement

concerning sustainable development in the face of the global financial crisis.

Says Mr. Nechemia: The effects of the recent financial turmoil continue to reverberate around the world.

Years of painstaking efforts -- across the international community -- hang in the balance. Unemployment is

rising, food and energy prices are fluctuating, social protection systems are failing and access to credit and

financial services is shrinking. All of this is taking a heavy toll on individuals, especially the poorest of the

poor.

An original participant at the convening of the first International Summit on Financing for

Development held from 18-22 March 2002 in Monterrey, N.L., Mexico, Mr. Nechemia brings a unique

and historical perspective to the worlds dialogue on the Global Financial Crisis and the myriad issues
http://www.eurorient.org/http://www.eurorient.org/http://www.eurorient.org/


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surrounding it. Mr. Nechemias attendance along with the solicitation of his ideas at that original

conference was extended via a United Nations General Assembly resolution (55/245A and B,

respectively,) in which the Assembly decided to convene, at the highest political level, the International

Summit on Financing for Development; and, Accordingly, and in pursuance of paragraph 11 of General

Assembly resolution 55/245B, EurOrient Financial Group (EurOrient) honorably was invited to

participate represented by Mr. Ron Nechemia in the historical International Summit on Financing for

Development on a Ministerial Segment

The Conference on the World Financial and Economic Crisis and its Impact on Development brings to

bear the full authority of the General Assembly, the only universal body of sovereign states. It is not a

counter-measure or alternative channel to existing international fora on economic cooperation and financial

regulations. Rather, it opens up a complementary and supporting process that brings with it the voice, and

ultimately the buy-in, of all 192 UN Member States.

. Mr. Nechemias participation aimed to elevate the vision by

highlighting how we all need to work together during the years to come, as the international community

builds toward the Millennium Development Goals, to create the brilliant tapestry of what sustainable

financing for development is in practice.

We have an historic opportunity and a collective responsibility to bring new stability andsustainability to the international economic financial order, Assembly President dEscoto declared

recently. This transformation which could begin to narrow the North/South divide requires the

involvement of all nations of the world. This is the meeting of the G-192.

About EurOrient

EurOrient Financial Group is a private sector global development finance institution accredited by United

Nations General Assembly on Financing for Development. The mission of the EurOrient Financial Groupis to support the economic and social development efforts of the less developed countries as they, in

particular, seek to achieve the Millennium Development Goals ("MDGs").

The EurOrient's principal objective is to reducing poverty and promoting sustainable economic growth.

EurOrient invests in projects and programs that promote social development, build human capacities, and


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address host government priorities for investments in physical infrastructure that promote and enhance

social development. These projects include roads, transportation and communication systems, water,

sanitation and other types of investments with social development outcomes such as improved quality of

life and increased human knowledge and skills.

Since being founded more than 20 years ago, EurOrient Financial Group today seeks to increase

substantially the development impact of its activities by adopting new approaches in pursuit of its five

strategic priorities; they are: (i) strengthening the focus on frontier markets, including small and medium

enterprises (SMEs), this includes infrastructure finance; (ii) building long-term partnerships with emerging

players in developing countries; (iii) differentiating through sustainability competencies; (iv) addressing

constraints to private sector growth in infrastructure, agribusiness and advance technology; and (v)

developing local financial markets through institution building and the use of innovative financial

products.

EurOrient at Glance

Headquarters: Los Angeles, California

Website: www.eurorient.org

Contacts

CEO: Mr. Ron Nechemia

Media Contact: Jeff Mustard, Spokesperson for the President and the Chair Person of the Board of

Directors of the EurOrient Financial Group

Tel: 818-206-5322 - Email:[email protected]

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mailto:[email protected]:[email protected]:[email protected]:[email protected]

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Ron Nechemia Attends High Level UN Meeting on Economic Crisis