Second Committee

Although cautious optimism had prevailed at the time of drafting the Secretary-General’s report on external debt sustainability, it had since dissipated in the face of the global economic deterioration, a senior official of the United Nations Conference on Trade and Development (UNCTAD) told the Second Committee (Economic and Financial) today, as it began its consideration of macroeconomic policy questions.

While multilateralism had never been more vital, “inertia and deadlock prevailed on critical issues”, the representative of Guyana told the Second Committee (Economic and Financial) today as it concluded its general debate.

Although the Economic Commission for Europe (ECE) region had enjoyed a “golden decade” of growth and development in the late 1990s and up to 2008, it had been hit harder by the “great recession” than any other, Executive Secretary Ján Kubiš told the Second Committee today.

Governments must consider new, more equitable development models to ensure that their economies reaped the benefits of a globalized world amid heightened food insecurity, increased pressure on natural resources and a widening gap between rich and poor that was severely hampering prospects for economic recovery, Sha Zukang, Under-Secretary-General for Economic and Social Affairs, stressed today as he opened the general debate of the Second Committee (Economic and Financial).

The Second Committee (Economic and Financial) met this morning to fill vacant positions on its Bureau for the upcoming sixty-sixth session of the General Assembly.

Concluding its sixty-fifth session today, the Second Committee (Economic and Financial) approved 15 draft resolutions, including one on agriculture development and food security, by which the General Assembly would stress the need to enhance production, productivity and sustainability, while calling for the timely realization of the 2009 G-8 commitment to mobilize $20 billion over three years for sustainable agricultural development.

The General Assembly would stress the importance of responsible borrowing and lending, while urging all lenders and borrowers to integrate debt sustainability analyses into their decisions in order to help maintain sustainable debt levels through a coordinated and cooperative approach, according to one of seven draft resolutions that the Second Committee (Economic and Financial) approved by consensus today.

The General Assembly would encourage Member States to approach the upcoming United Nations Climate Change Conference in Cancún, Mexico, with a view to achieving a substantive, balanced and ambitious outcome,according to one of seven draft resolutions approved by consensus today in the Second Committee (Economic and Financial).

The global economic and financial crisis had highlighted the need to reform the international financial system and architecture, and added a new impetus to ongoing international discussions on that subject, the General Assembly would stress, according to one of three draft resolutions approved without a vote by the Second Committee (Economic and Financial) today.

The General Assembly would demand that Israel stop exploiting, damaging, depleting or endangering natural resources in occupied Arab lands, by the terms of one of five draft resolutions approved today by its Second Committee (Economic and Financial).