UN to hold meeting on economic crisis in June

The United Nations will convene a three-day high level meeting, beginning June 1, to take stock of the effect of economic downturn on development and the steps needed to ensure that the poor get a fair deal.

"In the midst of the most serious economic downturn since the Great Depression, we now have the opportunity and the responsibility to search for solutions that take into account the interests of all nations, the rich and the poor, the large and the small," United Nations General Assembly President Miguel D'Escoto said after the 192-member body adopted a resolution to hold the meet.

D'Escoto, who wants the meeting to be attended by the heads of the states and senior government representatives, has been visiting various countries to seek their participation.

The meet is expected to adopt a document containing recommendations which could include restructuring of the international financial institutions to give more voice to the poor nations.

D'Escoto has been tasked with organising the UN Conference on the 'World Financial and Economic Crisis and its Impact on Development,' which was called for by participants at a financing for development meeting held in Qatar in late 2008.

"In agreeing to hold this United Nations conference at the highest level, Member States are recognising the vital importance of assuring that all nations have an opportunity to participate equally and fully in the common search for solutions that meet the concerns and needs of all countries, large and small," said D'Escoto.

He stressed that, in this effort, it is vital to draw on "technical expertise and practical wisdom" from all over the world, and from countries at every stage of development, as well as from international organisations, academia, private sector organisations, and civil society.

The conference will also focus on ongoing discussions on reforming and strengthening the international financial and economic system and architecture.

A Commission of Experts appointed by D'Escoto and chaired by Nobel Laureate Joseph Stiglitz has stated that international finance structures must be drastically overhauled in the face of the current global economic crisis.

The panel as well as the meeting of the Economic and Social Council with the World Bank, International Monetary Fund (IMF) and World Trade Organization (WTO) later this month are expected to contribute to the preparations for the June summit.