UN adopts document calling for increased aid, financial reforms

UNITED NATIONS - The United Nations has adopted an outcome document at a high-level meeting on world
financial and economic crisis, calling for increased aid and financial reform aimed at helping the hard-it
developing countries.
The 16-page document was adopted on the third day of the UN Conference on the World Financial and
Economic Crisis and Its Impact on Development. Pakistan was represented at the high-level conference by the
State Bank Governow, Syed Salim Raza.
The document, the product of intensive negotiations between developing and developed countries prior to the
meeting, acknowledged that the world is confronted with the worst financial and economic crisis since the Great
Depression.
The crisis has spread throughout the global economy, causing severe social, political and economic impacts, it
said.
It pointed out that most developing countries do not possess fiscal resources to tackle the crisis and need further
assistance by the international community while fulfilling existing commitments.
Taking note of the April G20 summit held in London, which committed 1.1 trillion U.S. dollars to revitalize the
world economy, the text called on the G20 to further consider addressing the financial needs of developing
countries, especially low-income countries.
The current crisis has revealed many deficiencies in national and international financial regulation and
supervision, it said, urging tougher regulation and supervision of all major financial centers, including hedge
funds, as well as financial products like derivatives.
On financial reform, the document said that there is consensus on the need for continued reform and
modernization of the international financial institutions. These reforms must reflect current realities and should
enhance the perspective and voice and participation of dynamic emerging markets and developing countries,
including the poorest, it said.
Speaking after the documents adoption, UN General Assembly President DEscoto Brockman and organizer of
the event said the world has had the opportunity to hear the voices of the G-192. Our efforts have culminated in
the adoption by consensus of an outcome document, that represents the first step in a long process of putting
the world on a new path towards solidarity, stability and stainability, he said.
The United Nations General Assembly, the G192, has now been established as a central forum for the
discussion of world financial and economic issues, the president said. This itself is a major achievement.
The meeting marked the first time for the world body to host a high-level meeting to discuss world financial crisis.
The aim of the high-level gathering is to identify emergency and long-term responses to mitigate the impact of
the crisis, especially on vulnerable populations, and initiate a needed dialogue on the transformation of the
international financial architecture, taking into account the needs and concerns of all member states.
As of Friday, some 100 out of about 150 delegates from member states and international organizations have
taken the floor and shared their views on the crisis.
The meeting was originally scheduled for June 24-26 but member states agreed to extend it until Monday to
ensure all the delegates have the chance to speak.