UNGA endorses world financial crisis summit outcome

The UN General Assembly today endorsed the outcome of the Conference of the World Financial and Economic Crisis and Its Impact on Development, which, among other things, outlined the need for sustained follow-up within the United Nations system.

The conference held in New York from June 24 to 30 had 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 General Assembly also created an adhoc open-ended working group that would report to it before the end of its upcoming sixty-fourth session.

It also asked Economic and Social Council (ECOSOC) to coordinate system-wide follow-up, including through the possible establishment of an adhoc panel of experts on the crisis and its impact on development.

Speaking on the occasion, a Cuban representative said that while her delegation had joined the consensus, it believed that the outcome fell short of needed actions and contained precedents that could be problematic.

As a whole, the agreed text did not deal in depth with the reform of the current "anti-democratic" financial system, which needed to be rethought and restructured, she said.Of special concern was the reference to "human security", which not only did not have an intergovernmental definition, but was sometimes interpreted as grounds for interference in a State's affairs, the Cuban representative said.

Cuba also did not recognize the reference to "fundamental principles of effectiveness of trade", which it believed was intended to distract from the need to aid developing countries. Moreover, the document did not sufficiently recognise problems of the countries of the South.  Venezuela supported Cuba's comments and stressed its view on human security which had been expressed in previous meetings.