Soros urges G20 to support developing nations

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LONDON, Mar 23 (Reuters): Financier George Soros said the G20 summit next month must support developing nations to prevent further market turmoil.
"Institutions such as the International Monetary Fund face a novel task: to protect the periphery countries from a storm created in the developed world," he wrote in a column published in the Financial Times Monday.
"If the periphery economies are allowed to collapse, the developed countries will also be hurt," he added.
The World Bank has called on wealthier countries to pledge 0.7 percent of their economic stimulus packages for a "vulnerability fund" to help poorer nations.
Leaders of the world's developed and emerging economies meet in London on April 2 to discuss how to deal with the financial crisis.
Soros said plans to double the resources available to the IMF to tackle crises would help specific countries but not provide a systemic solution for less developed countries.