Towards a stable international financial system, responsive to the challenges of development, especially in the developing countries

Emphasizes the need to renew national, regional and international efforts to promote international financial stability; stresses the importance of having an enabling international environment through strong cooperative efforts by all countries and institutions to promote global economic development; recognizes the importance of international financial stability; encourages the deepening of the dialogue between the Economic and Social Council and the Bretton Woods institutions; emphasizes that the international financial institutions should ensure that they are sensitive to the specific circumstances of concerned countries and to the special needs of developing countries; stresses the need further to define the role and improve the capacities of the international, regional and subregional financial institutions with regard to the prevention, management and resolution in a timely and effective manner of international financial crises; emphasizes the need to develop further early warning capacities and modalities to prevent or, as the case may be, to take timely action to address the threat of financial crisis; underscores the need for the enhancement of worldwide financial stability; stresses that the opening of capital accounts must be carried out in an orderly, gradual and well-sequenced manner, at a pace that is in line with the strengthening of the ability of countries to cope with its consequences; stresses the importance of strengthened collaboration between the World Bank and the International Monetary Fund; requests the Secretary-General to support the ongoing work on the identification of measures that will contribute to a more stable and predictable international financial system that is responsive to the challenges of development.

Adopted 155-1-0, 87th meeting

6 p.

Adopted at the 87th plenary meeting, 22 Dec. 1999.