Economic & Financial  / 2nd Committee - 60th session of the United Nations General Assembly
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Second Committee

 

Summaries of work and documentation

 

Reference:  A/60/100  [F]  [S]  [A]  [C]  [R]

 
 

  Item 50:

 

Macroeconomic policy questions

Date of consideration:  10 October 2005

Second Committee Report (59th session):  A/59/481   [ F ]   [ S ]   [ A ]   [ C ]   [ R ] 

Document:

A/60/111  [F]   [S]   [A]   [C]   [R]  

Letter dated 5 July 2005 from the Permanent Representative of Jamaica to the United Nations addressed to the Secretary-General

 

(a)  International trade and development

Date of consideration:  31 October 2005

Second Committee Report (59th session):  A/59/481/Add.1  [ F ]  [ S ]  [ A ]  [ C ]  [ R ]

Documents:

A/60/15(Part I)   [F]   [S]   [A]   [C]   [R]  

Report of the Trade and Development Board on its thirty-sixth executive session, 3 May 2005 (Mandate:  GA res. 1995 (XIX))

 

A/60/15(Part II)   [F]   [S]   [A]   [C]   [R]  

Report of the Trade and Development Board on its thirty-seventh executive session, 26 July 2005 (Mandate:  GA res. 1995 (XIX))

 

A/60/15(Part III)   [F]   [S]   [A]   [C]   [R]  

Report of the Trade and Development Board on its twenty-second special session, 18 July 2005 (Mandate:  GA res. 1995 (XIX))

 

A/60/15(Part IV)   [F]   [S]   [A]   [C]   [R]  

Report of the Trade and Development Board on its fifty-second regular session (Mandate:  GA res. 1995 (XIX))

 

A/60/129   [F]   [S]   [A]   [C]   [R]  

Letter dated 13 July 2005 from the Permanent Representative of Kazakhstan to the United Nations addressed to the Secretary-General

 

A/60/225   [F]   [S]   [A]   [C]   [R]  

Report of the Secretary-General on international trade and development and on developments in the multilateral trading system (Mandate: GA res. 59/221, para. 35)

 

A/60/226   [F]   [S]   [A]   [C]   [R]  

Report of the Secretary-General on unilateral economic measures as a means of political and economic coercion against developing countries (Mandate: GA res. 58/198, para. 4)

Summary:  

At its thirty-eighth session, in 1983, the General Assembly reaffirmed that developed countries should refrain from threatening or applying trade restrictions, blockades, embargoes and other economic sanctions incompatible with the provisions of the Charter of the United Nations and in violation of undertakings contracted multilaterally or bilaterally, against developing countries as a form of political and economic coercion which affected their economic, political and social development; and requested the Secretary-General to compile information provided by Governments on the adoption and the effects of the economic measures mentioned above, taken by developed countries as a means of political and economic coercion against developing countries (resolution 38/197).

Subsequently, the General Assembly considered the issue at its thirty-ninth to forty-second sessions and then biennially thereafter (resolutions 39/210, 40/185, 41/165, 42/173, 44/215, 46/210, 48/168, 50/96, 52/181, 54/200 and 56/178).

At its fifty-eighth session, the General Assembly urged the international community to adopt urgent and effective measures to eliminate the use of unilateral coercive economic measures against developing countries that were not authorized by relevant organs of the United Nations or were inconsistent with the principles of international law as set forth in the Charter of the United Nations and that contravened the basic principles of the multilateral trading system; requested the Secretary-General to continue to monitor the imposition of measures of that nature and to study the impact of such measures on the affected countries, including the impact on trade and development; and also requested the Secretary-General to submit a report to the Assembly at its sixtieth session on the implementation of the resolution (resolution 58/198).

The United Nations Conference on Trade and Development (UNCTAD) was established on 30 December 1964 as an organ of the General Assembly (resolution 1995 (XIX)). The 192 members of the Conference are States Members of the United Nations or members of specialized agencies or of the International Atomic Energy Agency. The principal functions of the Conference are set out in section II, paragraph 3, of resolution 1995 (XIX). The Conference held its eleventh session at So Paulo, Brazil, from 14 to 18 June 2004.

When the Conference is not in session, the 148-member Trade and Development Board carries out the functions that fall within the competence of the Conference. The Board reports to the Conference and also reports annually on its activities to the General Assembly. The Board convened its thirty-sixth and thirty-seventh executive sessions in May and July 2005 and its twenty-second special session in July 2005. The fifty-second regular session of the Board is scheduled to be held from 3 to 14 October 2005.

At its fifty-ninth session, the General Assembly, inter alia, requested the Secretary-General, in collaboration with the secretariat of UNCTAD, to report to the General Assembly at its sixtieth session on the implementation of the resolution and on developments in the multilateral trading system (resolution 59/221).

(b)  International financial system and development

Date of consideration:  10 October 2005

Second Committee Report (59th session):  A/59/481/Add.2  [ F ]  [ S ]  [ A ]  [ C ]  [ R ]

Document:

A/60/163   [F]   [S]   [A]   [C]   [R]  

Report of the Secretary-General on the international financial system and development (Mandate: GA res. 59/222, para. 21)

Summary:  

The General Assembly considered this question at its fiftieth to fifty-eighth sessions (resolutions 50/91, 51/166, 52/180, 53/172, 54/197, 55/186, 56/181, 57/241 and 58/202).

At its fifty-ninth session, the General Assembly, inter alia, underlined the importance of promoting international financial stability and sustainable growth; also underlined the importance of national efforts to increase resilience to financial risk; stressed the importance of strong domestic institutions in promoting business activities and financial stability for the achievement of growth and development; encouraged the international financial institutions to continue examining the issues of the voice and effective participation of developing countries and countries with economies in transition in their decision-making processes; looked forward to further consideration of the subject of possible innovative and additional sources of financing for development from all sources; invited the multilateral and regional development banks and development funds to continue to play a vital role in serving the development needs of developing countries and countries with economies in transition; called for the continued effort of the multilateral financial institutions to work on the basis of nationally owned reform and development strategies; strongly encouraged leading bond issuing countries and the private sector to make substantial progress on the preparation of an effective code of conduct; and requested the Secretary-General to report to the Assembly at its sixtieth session on the implementation of the resolution (resolution 59/222).

(c)  External debt crisis and development

Date of consideration:  10 October 2005

Second Committee Report (59th session):  A/59/481/Add.3  [ F ]  [ S ]  [ A ]  [ C ]  [ R ]

Document:

A/60/139   [F]   [S]   [A]   [C]   [R]  

Report of the Secretary-General on the international financial system and development (Mandate: GA res. 59/223, para. 19)

Summary:  

The General Assembly first considered this subject at its fortieth session and has addressed the issue as a separate agenda item at each subsequent session (resolutions 41/202, 42/198, 43/198, 44/205, 45/214, 46/148, 47/198, 48/182, 49/94, 50/92, 51/164, 52/185, 53/175, 54/202, 55/184, 56/184, 57/240 and 58/203 and decision 40/474).

At its fifty-ninth session, the General Assembly reaffirmed the importance of the comprehensive treatment of developing countries' debt problems, as stressed by the United Nations Millennium Declaration and the Monterrey Consensus of the International Conference on Financing for Development; welcomed the further extension of the sunset clause of the Heavily Indebted Poor Countries Initiative; stressed that debt sustainability depended on a confluence of many factors at the international and national levels, and emphasized that country-specific circumstances and the impact of external shocks should be taken into account in debt sustainability analyses; noted with concern that some countries that had reached the completion point of the Heavily Indebted Poor Countries Initiative had not been able to achieve lasting debt sustainability; stressed the importance of promoting responsible lending and borrowing and avoiding a build-up of unsustainable debt, including through the use of grants; also stressed the need to find a solution for the debt problems of heavily indebted low- and middle-income developing countries that were not eligible for debt relief under the Heavily Indebted Poor Countries Initiative, and in that regard welcomed the Evian Approach of the Paris Club; acknowledged the ongoing work towards a more comprehensive approach to sovereign debt restructuring, supported the inclusion of collective action clauses in international bond issues and encouraged bond-issuing countries to make progress in the preparation of an effective code of conduct; and requested the Secretary-General to submit to the Assembly at its sixtieth session a report on the implementation of the resolution and to include in that report a comprehensive and substantive analysis of the external debt and debt-servicing problems of developing countries (resolution 59/223).

 

  Item 38:

  Item 49:

  Item 51:

  Item 52:

  Item 53:

  Item 54:

  Item 55:

  Item 56:

  Item 57:

  Item 58:

  Item 59:

  Item 73(b):

  Item 116:

  Item 125:

 

 
   
 
 
 

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Tuesday, 20 Sept 2005   

 

 

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