Leaders at NAM summit call for fairer financial system

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Leaders from developing states say their countries have suffered the most from an economic crisis caused by rich countries.

Cuban President Raul Castro (L) sits with Egyptian President Hosni Mubarak moments before the inauguration ceremony of the 15th summit of the Non-Aligned Movement (NAM) in Sharm  El-Sheikh.(AFP/POOL/Cris Bouroncle)

Speaking at the Non-Aligned Movement summit in Egypt, they said the world needs a fairer financial system.

The summit of the Non-Aligned Movement, which groups 118 countries, are meeting in the Egyptian Red Sea resort, Sharm el-Sheikh.

Leaders said the global financial crisis will affect developing nations the most and that joint action is needed to ward off its impact.

Raul Castro, Cuban President, said, "100 million people in the world, particularly in our nations, are victims of illiteracy, unemployment, hunger, poverty and curable illnesses."

UN Secretary General, Ban Ki-moon also warned of "signs of rising economic nationalism."