General Assembly

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.

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.

General Assembly President Miguel d’Escoto Brockmann said that the global conversation begun this week achieved what many believed to be unachievable, at a Headquarters press conference to announce the adoption of an outcome document meant to spark a redesign of the world’s financial and economic architecture.

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”.

The outcome of the Conference on the World Financial and Economic Crisis and Its Impact on Development in its third day at United Nations Headquarters provided a means for continued discussion, but in no way measured up to the extreme gravity of the situation facing developing countries, representatives of civil society groups told correspondents today, also at Headquarters.

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.

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.

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.

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.

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.