SHARM EL-SHEIKH, Egypt, (Reuters) – The world needs  a financial system that is fairer to developing states which  have suffered most in a crisis caused by rich countries, leaders  from a group of developing states said yesterday.

The presidents of Cuba, Egypt and others were addressing a  summit of the Non-Aligned Movement, which groups 118 countries  meeting in the Egyptian Red Sea resort of Sharm el-Sheikh.

“The developing countries were the most affected by the  financial crisis,” Cuban President Raul Castro told the summit.
“And as usual, the wealthy countries were the source of the  current crisis, which was affected by the … illogic of the  international economic order that depends on blind market  principles and consumption, and wealth of the few,” he said in  an Arabic translation of his speech.

Castro called for creating an “equitable economic system”.
The financial crisis has hurt Cuba by slowing production and  pushing some factories to close in the import-dependent  Caribbean island. Other developing nations, such as Egypt, have  also seen growth rates slide.

“We face the largest part of its repercussions and pressures  and suffering,” said Egyptian President Hosni Mubarak, whose  country has taken over the chair of NAM from Cuba.

“We call for a new international political, economic and  trade order — a more just and balanced order that prevents  discrimination and double standards, achieves the interests of  all, takes into account concerns of developing countries and  establishes democratic dealings between rich and poor states.”