General Assembly

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.

General Assembly President Miguel d'Escoto Brockmann today strongly condemned the attempted coup against the democratically elected Government of President Manuel Zelaya of Honduras, calling it a serious threat to democratic rule there, according to a statement delivered late today at a Headquarters press conference.

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”.

United Nations Member States opened a meeting today in response to the worst global economic setback since the Great Depression, seeking consensus agreement on the nature of the crisis and how to minimize its impact on development and poverty eradication. The preliminary draft agreement concludes with recommendations on fighting the recession and on establishing safer and fairer financial practices.

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.

Negotiations on the long-debated outcome document for the United Nations summit on the world financial crisis, which begins tomorrow, had come to a successful conclusion, General Assembly President Miguel d’Escoto Brockmann announced this morning at a Headquarters press conference.