Economic issues

With developing countries having unfairly borne the brunt of the global economic and financial crisis while experiencing an effective worsening of their vulnerabilities, the international community must consider establishing a mechanism to help them overcome debt distress and achieve debt sustainability, several representatives stressed today, as the Second Committee (Economic and Financial) began its consideration of macroeconomic policy questions.

The Second Committee (Economic and Financial) met this morning to consider whether to impose limits on speaking time during its discussions, set one-time deadlines for submitting draft proposals, and whether to eliminate its general debate altogether, among other ideas proposed for improving its working methods.

As developing countries struggled to gain economic traction, there was an increasingly urgent need to set up systems to relieve their external debt, bolster their clout in international financial institutions and prevent a recurrence of the reckless speculative developed-world financial practices that had wreaked havoc on their economies, several speakers told the Second Committee as it concluded its general debate today.

With global crises and the destructive effects of climate change continuing to threaten not only global socio-economic development, but also the world’s very existence, developed countries must assume their “historic responsibility” to help their developing counterpart bridge existing imbalances and gaps, many speakers said today, as the Second Committee continued its general debate.

With the global economy fragile and on an uneven path to recovery, the world’s development needs, especially those of its most vulnerable people, must take centre stage in all fiscal policies and stimulus plans, Sha Zukang, Under-Secretary-General for Economic and Social Affairs, told the Second Committee today, as it began its annual general debate.

Poverty eradication and other development issues, climate change and the international financial and trade systems were among key topics approved for consideration by the General Assembly’s Second Committee this afternoon as it adopted its organization of work for the sixty-fifth session.

The Economic and Social Council this morning decided that the inaugural election of the 41 members of the Executive Board of the new entity for gender equality would be held “as soon as possible and by early November 2010”.

With the adoption of 15 resolutions and three oral decisions spanning questions of international development cooperation, decolonization, human rights and the promotion of decent work, the Economic and Social Council concluded today what its President called a “groundbreaking” 2010 substantive session.

The Economic and Social Council today continued the work of its general segment today, adopting by consensus 10 resolutions and 7 decisions broadly aimed at strengthening crime prevention measures, tackling illegal narcotics trade and extending effective social protections to the world’s most vulnerable populations, especially in the wake of crises.

With dramatic socio-economic and geographic stresses increasing urban poverty and slowing efforts to achieve the Millennium Development Goals, the Economic and Social Council today adopted eight consensus decisions that envisioned a world in which economic progress, social advancement and environmental protection were mutually reinforcing elements of sustainable development.