. otherwise, it could divert attention from more important areas. in my opinion, the most fundamental crisis prevention measure is the promotion of economic growth and social development. the international community should reach a consensus on this and take effective steps to achieve economic growth for the whole world, particularly for the developing countries. since the late 1990s, international financial crises have occurred frequently and the crisis countries have found it difficult to access financing on the international financial market, thus posing a threat to global financial stability. the imf should actively consider using the existing financing facilities for increased support to crisis countries. meanwhile, it needs to actively promote a quota increase and the general allocation of special drawing rights. in particular, the imf needs to complete the special one - time allocation of sdrs as soon as possible to strengthen the capacity of member countries to withstand crises. in addition, the establishment of a new equitable and reasonable international economic and financial order remains one of the basic means of crisis prevention. therefore, the imf needs to continue to examine the flaws in the existing international monetary system, reform the irrational international financial architecture, and gradually establish a new international monetary system that genuinely reflects the basic features of economic globalization, fully reflects the interests of the many developing countries, and provides institutional safeguards for the sustainable growth of the global economy. in this process, widespread participation of the developing countries is needed. iii. crisis management : sovereign debt restructuring establishing a fair and reasonable sovereign debt restructuring method is important both for crisis prevention and resolution, and for private sector participation. in the last two years, the imf has conducted much valuable research on the issue of sovereign debt restructuring. while this work deserves affirmation, the existing options still have certain flaws. the automatic stay mechanism of the sovereign debt restructuring mechanism ( sdrm ) would be favorable to ensuring the smooth conduct of restructuring negotiations. however, since it would widely involve the revision of the laws of all countries and amendment of the imf articles of agreement, i ’ m afraid that it would hardly be achievable in the short term. it would certainly not be easy to ensure the independence and fairness of the dispute resolution forum, not to mention the many technical problems that still need to be solved. the collective action clause ( cac ) cannot solve the collective action problem for multiple sovereign debts, which is one of the major reasons for the emergence of the statutory approach, i. e., the sdrm. in addition, the cac impact on the bond iss

recipients today collectively contributed more than 80 % of the total loans guaranteed by cgc in 2007. in view of the changing facets of sme financing, cgc undertook several initiatives to further reach out to smes that are in need of financing. this includes the introduction of innovative products and services as well as widening the scope of guarantee beneficiaries by forging alliances with strategic partners. in the last two years, cgc has entered into strategic partnership with many local and international institutions with the aim both of expanding its sme outreach as well as to better equip itself with the expertise and knowledge to take it to a higher service delivering platform. as a result, cgc is now able to undertake some new business activities such as securitisation, portfolio guarantees and collateralised loan obligations ( clos ). these are aimed at raising alternative sources of funds as well as attracting medium - term funding from the capital markets for smes. cgc firmly believes that these exercises are also key drivers in the corporation's efforts towards achieving financial sustainability. the corporation has also identified a number of strategies to help it to achieve financial independence. of importance is the expansion in the product range that include capital market activities. in view of our commitment towards making cgc a financially sustainable institution, we have even gone a step further by working closely with our financial partners to ensure higher business quality. to encourage active participation, cgc introduced for the first time in 2008, a new award called the best financial partner award. the award acknowledges and recognizes the financial partner that contributed the most towards quality assets for cgc. it also recognises the financial institutions'conscientious efforts in ensuring that scarce funds are channelled to sme borrowers identified to have the capability and capacity to maintain good credit standing. the best financial partner award will be a regular feature in the years to come and we look forward to the active participation of all the financial institutions. in addition to the best financial partner award, another two awards were also introduced. these are the top islamic bank and top development financial institution awards to recognize these two categories of institutions for their contribution towards the overall business growth of cgc and the sme sector. these new categories illustrate our sincere acknowledgment of the financial institutions that have made significant contribution to sme development. we believe 2008 is an important year for cgc. foremost is that it marks the 36th year of the corporation's involvement in sme development. it