Addressing a recent international seminar, he said the present norms and principles of the international financial system are in favor of a few developed countries, he asserted. Such an anti-democratic system should be updated from the foundation.

The gap between developed countries and developing countries are growing due to neo-liberalism, he said.

The arch criminal of the on-going economic crisis is developed countries, he said, calling for strengthening south-south cooperation and stepping up regional integration based on mutual respect and solidarity to get rid of the crisis.