| GEO Business|
| Ban Ki-moon asks G-20 leaders to provide $ one trillion package|
| Updated at: 1127 PST, Saturday, March 28, 2009|
UNITED NATIONS: Estimating the need of nearly $ one trillion for the developing countries to tide over recession, UN Secretary-General Ban Ki-moon has asked the world leaders attending the G-20 summit to set aside the required amount and protect global instability.
"Unless urgent and decisive steps are taken to buffer the blows of global downturn on the most vulnerable, the economic crisis may soon be compounded by an equally severe crisis of global instability," Mr. Ban told the leaders in a letter released here.
While opposing protectionism, he urged the leaders to put in place a mechanism to monitor and confront new protectionist measures, avoid introducing protectionist measures in the stimulus packages and reinvigorate a Doha Trade Round that brings real benefits to developing countries.
The first waves of the crisis, he said, brought a number of large Banks and financial institutions to "their knees".
But a prolonged and severe recession, if not addressed "boldly with urgent attention given to the needs of the vulnerable, could likewise affect countries and regions with profound consequences for the security and stability of us all," he stressed in the letter.