Experts call for reforms

A high-level United Nations commission on the world financial crisis has called for a new global credit facility to complement the International Monetary Fund (IMF).



The commission was headed by the Nobel prize-winning economist Joseph Stiglitz and included Barbados-born professor Avinash Persaud.



The report said that much of the current help to developing countries is in the form of loans but developing countries do not want to go back into debt.



Mr. Stiglitz says the commission felt that there should be a diversity of mechanisms through which funds are disbursed.



It also called for a new global coordination council that would be more inclusive than the current G20 group of countries.