George Soros has called for reforms

PUBLISHED : Thursday, 20 September, 2001, 12:00am
UPDATED : Thursday, 20 September, 2001, 12:00am

Billionaire financier George Soros has called for international reforms to provide on a global basis 'public goods' such as alleviation of poverty. He also proposed a board be set up under the International Monetary Fund to determine which aid projects are worthy of funding from rich countries. 'International trade and financial markets are very good at generating wealth but they cannot take care of other social needs such as the preservation of peace, alleviation of poverty, protection of the environment, labour conditions or human rights - what are generally called public goods,' Mr Soros told the 2001 Asia Society Annual Gala last night. 'Therefore we need to create international mechanisms for the provision of public goods on a global scale.' Aid projects approved by the proposed international board would then compete for special drawing rights of funding from donor countries.