General Assembly: Meetings Coverage

Following several weeks of intense consultations, the Fifth Committee (Administrative and Budgetary) this afternoon recommended to the General Assembly a peacekeeping budget approaching $7.8 billion for the period from 1 July 2009 to 30 June 2010.

As it wrestled to design a response to the multidimensional and unprecedented global economic downturn, a panel of United Nations and financial experts from several intergovernmental organizations stressed today that, in order to be successful, the world community would have to employ a multifaceted approach addressing employment, trade, investment and development.

Calling for vigorous international cooperation to blunt the fallout from the global financial crisis, a panel of senior United Nations officials and Government experts today highlighted strategies –- ranging from a temporary moratorium on debt repayment to increased South-South trade and targeted policymaking -– that could help developing countries strengthen their economies, bolster their financial systems and protect their most vulnerable citizens during the economic downturn.

Decrying a world economic order that had rewarded the powerful, marginalized the poor and promoted an unbridled capitalism that ignited unprecedented financial contagion, General Assembly delegates today urged swift and concerted measures to restructure international finance bodies and forge people-centred policies that addressed human security.

Experts addressing the role of the 192 United Nations Member States in the global economic architecture said today that reforming the financial and economic systems would require some States to give up part of their “voice” so that others could be heard, as Nobel Laureate Joseph Stiglitz asserted that “failure to create adequate institutions for managing globalization has put the global economy at risk”.

Vowing to marshal all the resources of the United Nations to monitor the impact of the current financial crisis and chart a path towards recovery, especially for hard hit poor countries, Secretary-General Ban Ki-moon today called for international solidarity to reform outdated global rules and institutions, and a renewed multilateralism to help all countries weather the economic downturn.

The Special Committee on Decolonization concluded its resumed session this morning by taking up the question of Tokelau, the report of the Caribbean Regional Seminar and the report on issues related to its own work.

The Special Committee on Decolonization approved a two-part draft resolution today by which the General Assembly would reaffirm that there was no alternative to the principle of self-determination, which was a fundamental human right.

Having heard a statement by the Foreign Minister of Argentina in addition to petitioners from the Falkland Islands (Malvinas), the Special Committee on Decolonization recommended today that the General Assembly call for direct negotiations between Argentina and the United Kingdom over that Non-Self-Governing Territories.

“We stand at a crossroads”, with one direction leading to an abyss and another to a more sustainable, prosperous and stable world if countries use energy more efficiently and harness the untapped potential of renewable sources, United Nations Secretary-General Ban Ki-moon declared today, as he opened an interactive thematic dialogue on energy.