UN secretary-general Ban Ki-moon urged 20 of the world's most powerful economies to support a $1 trillion (€741 bilion) stimulus plan for developing countries when the 20 meet in London next month.
That figure is based on an estimate of the "total financing needed to support developing countries through the (financial) crisis" in 2009 and 2010, Mr Ban said in a letter to leaders of the so-called Group of 20 nations.
"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," Mr Ban wrote in the letter.
Mr Ban's proposal, first reported by the Financial Times, will be discussed at the G20 summit meeting in London on April 2nd. He also discussed it yesterday with British prime minister Gordon Brown during a meeting at UN headquarters.
After the meeting, Mr Brown and Mr Ban told reporters that it was unclear how much money G20 leaders would pledge for any stimulus package. That would be the subject of bilateral discussions ahead of the summit, they said.
UN diplomats said not all of the $1 trillion would be new financial aid. Some of it was available in existing programs but has not yet been tapped into.
In the letter, Mr Ban made clear that his plan was intended to provide liquidity and prevent social unrest in developing countries due to a deepening of the credit crisis.
Mr Ban emphasized the importance of securing a new global agreement on reducing greenhouse gas emissions during a UN conference in Copenhagen at the end of the year.
The secretary-general also called for review and reform of international financial regulatory and reserve mechanisms as well as a better early-warning system.
Reuters