“We have an historic opportunity — and a collective responsibility — to bring new stability and sustainability to the international economic financial order.” Miguel d’Escoto Brockmann, President, 63rd Session of the General Assembly.

The United Nations convened a three-day summit of world leaders from 24th - 26th of June 2009 at its New York headquarters assessing the worst economic recession since the Great Depression. As echoed from the words of H.E. Mr. Miguel d’Escoto Brockmann, President of the 63rd Session of the General Assembly, the UN Assembly has a “historic opportunity and a collective responsibility to bring new stability and sustainability to the international economic financial order.” The Summit aimed to identify emergency and long-term responses to mitigate the impact of the crisis, especially on vulnerable populations like most countries in Africa and other developing countries, 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 outlined in the first paragraph of the “Draft Outcome Document of UN Conference on the World Financial and Economic Crisis and its Impact on Development”, “This crisis is negatively affecting all countries, particularly developing countries, and threatening the livelihoods, well-being and development opportunities of millions of people. The crisis has not only highlighted longstanding systemic fragilities and imbalances, but has also led to an intensification of efforts to reform and strengthen the international financial system and architecture. Our challenge is to ensure that actions and responses to the crisis are commensurate with its scale, depth and urgency, adequately financed, promptly implemented and appropriately coordinated internationally.”

The summit was mandated at the Follow-up International Conference on Financing for Development, held in December 2008 in Doha, Qatar. Member States requested the General Assembly President Miguel d’Escoto Brockmann to organize the meeting “at the highest level”.

For more information please see the following links.

Draft Outcome Document of the UN Conference on the World Financial and Economic Crisis and its Impact on Development

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