Global Solidarity Fund

[NewsWhore]

Speaking at the United Nations yesterday, Dominican Foreign Minister Carlos Morales Troncoso proposed the creation of a Global Solidarity Fund with contributions from oil-producing countries. The Fund would enable oil producers to help poorer nations by contributing a portion of their earnings towards compensating developing countries for the high international fuel prices. The initiative, which was devised by President Leonel Fernandez, suggests that 57 countries with per capita incomes no higher than US$6,000 should have access to a special fund, worth US$40 billion. Representatives from Jamaica, El Salvador and Guatemala voiced their support for the initiative while Iranian, Algerian and Venezuelan representatives were less enthusiastic.

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