The financial crisis and its impact on growth and development, especially in the developing countries

Stresses the importance of having an enabling international environment and a strong cooperative effort by all countries and institutions to support crisis-hit countries and to prevent further contagion, and calls on all countries to adopt and pursue policies conducive to economic growth and to promote a favourable external economic environment for the recovery of the affected countries and countries in a critical economic situation; also stresses the importance at the national level of sound macroeconomic policies and policies aimed at strengthening institutional capacities and regulatory frameworks; emphasizes that the international financial institutions should ensure that they are sensitive to the specific circumstances of the concerned countries and to the special needs of developing countries; stresses the importance of the open high-level dialogue between the Economic and Social Council and the Bretton Woods institutions; recognizes the need to improve the capacities and modalities of the international financial institutions; stresses the importance of strengthened collaboration between the World Bank and the International Monetary Fund; stresses the need to endow the International Monetary Fund with adequate resources to provide emergency financing to countries affected by financial crises; also stresses the need to strengthen international and national financial systems through a more effective national, regional and international surveillance of both the public and private sectors

Adopted without vote, 91st meeting

5 p.

Adopted at the 91st plenary meeting, 15 Dec. 1998.