9 July 2009

General Assembly Endorses World Financial Crisis Summit Outcome, Setting in Motion Sustained Follow-Up; Will Assess Millennium Summit’s Progress at 2010 Meeting

9 July 2009
General Assembly
Department of Public Information • News and Media Division • New York

Sixty-third General Assembly


95th Meeting (AM)



The General Assembly today endorsed the outcome of the Conference on 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 to the issues raised during that historic meeting held from 24 to 30 June. 

In adopting the draft resolution “Outcome of the Conference of the World Financial and Economic Crisis and Its Impact on Development”, as orally revised (document A/63/L.75), the Assembly answered the Conference’s invitation to createan ad hoc open-ended working group that would report to it before the end of its upcoming sixty-fourth session.  It also asked the Economic and Social Council (ECOSOC) to coordinate system-wide follow-up, including through the possible establishment of an ad hoc panel of experts on the crisis and its impact on development.

A representative of the Secretariat informed Member States that there was currently insufficient information to evaluate the programme budget implications of paragraphs 54 and 56 (e), which respectively invite the Assembly to create the working group and request ECOSOC to make recommendations regarding the creation of the expert panel.  The Secretary-General would submit statements of any programme budget implications to the Assembly and ECOSOC as soon as specific decisions were taken on the creation of those two bodies and details on their format were available.

Speaking in explanation of position, Cuba’s 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.  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.  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 recognize problems of the countries of the South.

Venezuela’s representative confirmed the observations and reservations which his delegation had stated when the outcome was adopted during the Conference.  Venezuela supported Cuba’s comments and stressed its view on human security which had been expressed in previous meetings.

(For an expanded summary of the Conference outcome and explanations of position, see Press Release DEV/2754 of 26 June 2009).

Earlier today, the Assembly decided to convene a high-level plenary meeting in 2010 at the commencement of its sixty-fifth session, as a follow-up to the Millennium Summit.  By adopting the draft resolution on the “Follow-up to the outcome of the Millennium Summit” by consensus, as orally amended in the French version by consensus, the Assembly encouraged all Member States to be represented at the level of Heads of State and Government at that meeting, the dates of which are still to be decided (document A/63/L.76).

Further to the text, the Assembly decided to hold consultations on the scope, modalities, format and organization of the high-level plenary with a view to concluding talks before the end of 2009.  It thus requested the Secretary-General to submit a report to it at the beginning of its sixty-fourth session.

A representative of the Secretariat said there were no programme budget implications for the high-level plenary in 2010 provided the meeting was held within the Assembly’s overall workload and entitlements.  Any potential financial requirements would be reported to the Assembly by the Secretary-General at the beginning of its sixty-fourth session if details regarding the meeting’s scope were available.

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For information media • not an official record
For information media. Not an official record.