Mahmoud Short RoundAhmadinejad strongly criticizes US economic policies, saying that the paper currency created by the American government is taking a heavy toll on the global economy.
In an address to the fourth UN Conference on the Least Developed Countries in Istanbul, Turkey, on Monday, Ahmadinejad said that the cash injected into the global economy in the form valueless US dollars amount to over USD 32 trillion, IRNA reported.
"This is while the US budget deficit for the 2011 fiscal year is expected to reach a figure above USD 1.6 trillion," he added.
The Iranian president also pointed that the US foreign debt now approaching over USD 14.6 trillion, while the Gross Domestic Product (GDP) in the United States stands at around USD 14 trillion.
President Ahmadinejad stated that such figures clearly explain the plunder of national wealth in many countries, and the upsurge in poverty and underdevelopment across the globe.
He noted the certain countries rob less developed states to pay their international debts.
"Most of international economic organizations either defend the existing situation or serve the interests of certain states," he said.
President Ahmadinejad further said the era of colonialism is coming to an end and the management of world issues should be reformed.
He also proposed the formation of an independent commission to assess the extent of damage inflicted on oppressed nations during the era of colonialism, and to oblige former colonialist powers to pay indemnities.