KATHMANDU, Feb. 18 -- The World Climate Justice Assembly held on the occasion of the ongoing World Social Forum in Kathmandu has concluded that the 'broken' global economic system has 'failed' to benefit developing nations.

"We are concerned that the 'broken' global financial system is failing to deliver the quantity and quality of finance and is not favoring the developing countries in meeting their development and climate ambitions," said the manifesto released in Kathmandu on Saturday. Hundreds of civil activists from 15 countries of the world participated in the assembly.

Pointing out that the world system is currently in favor of certain countries and multinational bodies, the declaration states, "We stress an utmost urgency to ref...