At the United Nations Conference on the World Financial and Economic Crisis and Its Impact on Development (June 24-26, 2009) in New York, more than 140 countries signed a global action plan that sets agreed-upon measures for the world to deal with the worst form of recession.

The conference adopts the finalized 16-page document. It reminds the industrialized countries of their promise at the G20 summit in London to pour more than a trillion dollars to stimulate world economy. The move also calls for a greater share of the global stimulus fund for developing countries. Furthermore, it requires an overhaul of international financial institutions, as well as more influence of the United Nations in future negotiations.

Immediately after the signing and adoption of the program, the U.S. signified its concerns. The country asserts that the reform of financial institutions could only be made by respective UN members and not by the United Nations as a whole.

In contrast, the Czech delegation on behalf of the EU welcomed the outcome of the conference and praised the joint statement as ‘very challenging.’ It also said that the resolution makes the international community like a large family coming together to fend off the crisis. Brazil congratulated the conference, praising its balanced program and the opportunity to emphasize the vitality of the United Nations.

Member nations generally agree that the achievements of the financial and economic conference are the definition of measures for economic growth and against protectionism, as well as increased support for the poorest countries.

International humanitarian agency Oxfam, however, is disappointed over the final document, saying that its demands and proposals are not specific enough. The organization says that UN member states have failed to provide adequate protection for poor people against the excesses of unchecked capitalism and solutions to the ongoing food crisis.

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Via UN/China Economic Net