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.

With the world facing the worst financial crisis since the Great Depression, Government leaders and senior ministers meeting at United Nations Headquarters in New York today agreed on a sweeping action plan to help blunt the impact of the economic downturn, especially for developing counties, but “in the interest of all nations [...] to achieve more inclusive, equitable, balanced, development-oriented and sustainable economic development to help overcome poverty and inequality”.

Asking the donor community to keep funds flowing, top officials from United Nations agencies, speaking at a round table discussion this morning on the Organization’s development response to the crisis, warned that business as usual would not be enough to maintain traction on development.

Struggling to recover from steep declines in export earnings, tax revenues and overall economic growth, delegates from developing and middle-income countries alike today pressed rich nations to dismantle protectionist trade measures and fulfil pledges for official development assistance to avert a humanitarian catastrophe, as the plenary debate of the Conference on the World Financial and Economic Crisis and Its Impact on Development continued at United Nations Headquarters.

After five days of debate, the United Nations Conference on the world financial crisis concluded today, with General Assembly President Miguel d’Escoto Brockmann urging delegates to be inspired by the work they had done on the outcome document “and sustain the same sense of urgency and commitment as we translate this bold new framework into effective action”.

A high-level United Nations conference on South-South cooperation is to be held in Nairobi, Kenya, from 1-3 December, 2009, the General Assembly has decided.

Twenty-two Member States pledged approximately $58 million today, during a pledging conference in support of United Nations development activities for 2010.

The most important United Nations meeting on South-South cooperation in decades will highlight growing political and economic ties within the developing world, as countries of the South assume leading roles in decisions on hot global issues ranging from economic recovery to food security and climate change. Taking place at the United Nations Office at Nairobi, the 1-3 December conference will seek to promote and sharpen the benefits of mutual support among developing and transition economies.