Economic issues

Donor countries needed to fulfil existing financial commitments to prevent developing countries, already suffering from the effects of the economic crisis, from backsliding further, delegates said today as the Second Committee (Economic and Financial) met to consider the follow-up to, and implementation of, the outcome of the 2002 International Conference on Financing for Development and the 2008 Review Conference.

Criticizing funding for development activities as inadequate and too unpredictable, several speakers this afternoon called for a smooth incoming flow of cash and more balance between funding levels for core and non-care activities, as the Second Committee took up its agenda item on operational activities for development.

Countries must step up efforts to address essential, but unresolved issues in advance of the Climate Change Conference in Copenhagen, Robert Orr, Assistant Secretary-General for Policy Coordination and Strategic Planning, today told the Second Committee (Economic and Financial) during a panel discussion on “Climate Change Negotiations: Road to Copenhagen”.

A regulatory overhaul to strengthen regional development banks, a scaling up of international aid tailored to Africa’s special needs, and debt relief were urgently needed to help buoy African economies weakened by the global financial and economic crisis, several speakers told the Second Committee (Economic and Financial) this afternoon, as it continued its consideration of macroeconomic policy questions.

A debt moratorium for developing countries, policies to prevent excessive volatility in commodity markets, and a regulatory overhaul and stronger surveillance of international financial institutions, were urgently needed to restore global economic health and help developing nations overcome obstacles to achieving the Millennium Development Goals, several representatives told the Second Committee (Economic and Financial) today as it began its consideration of macroeconomic policy questions.

The international community must act now to achieve the Millennium Development Goals (MDGs) or risk having the world becomes a more dangerous place, Jeffrey Sachs, Director of The Earth Institute and Professor of Health Policy and Management, Columbia University, told the Second Committee (Economic and Financial) during a panel discussion on “Achieving the MDGs by 2015: Preparing for the 2010 MDG Summit.”

Food production must double by 2050 to meet the demand of the world’s growing population and innovative strategies are needed to help combat hunger, which already affects more than 1 billion people in the world, several experts today told the Second Committee (Economic and Financial) during a panel discussion on “New cooperation for global food security”.

During its resumed substantive session for 2009, the Economic and Social Council this afternoon elected by secret ballot Jorge Montano (Mexico) to serve effective immediately as a member of the International Narcotics Control Board until 1 March 2012. Mr. Montano was elected to replace Maria Elena Medina-Mora Icaza (Mexico), who resigned. He received 40 of 46 votes. Two delegates who were present abstained from the voting.

Member States must ramp up efforts to stop global warming and make a just, comprehensive global deal on mitigation and adaptation measures during the upcoming United Nations Climate Change Conference in Copenhagen, several speakers said today, as the Second Committee (Economic and Financial) concluded its general debate.

Closely linked to climate change, the global food crisis was a wake-up call for the international community to revitalize agricultural production and trade, while rectifying systemic imbalances in those areas, several speakers said today, as the Second Committee (Economic and Financial) continued its general debate.