High level delegation attends UN high-level meeting on global financial crisis

(KPL) A high ranking delegation of Laos led by Dr. Thongloun Sisoulith, Deputy Prime Minister and Minister of Foreign Affairs attended the United Nations high-level meeting held at its headquarter in New York to discuss the current global financial and economic crisis and its impact on development.
The function was attended by high-level delegates from around the globe. The three-day high-level meeting came as the first conference in the history of the United Nations to discuss the issue of the international financial and economic crisis.
The meeting was held after the April summit of the Group of 20 (G20) largest economies in the world and before the Group of Eight (G8) industrialized nations and the G20 conference in Pittesburgh, the United States, in September.
In an address to the meeting, Dr. Thongloun Sisoulith has pointed to the bad effects faced by Laos, especially in the field of economic, foreign investment and tourism which caused Laos face with a number of challenge in the implementation of MDGs. Dr. Thongloun also expressed congratulations to the initiative of the 63rd UN General Assembly President and provided supports to the proposals to use the measures for addressing the problems.Dr. Thongloun Sisoulith on 25 June also chaired on the roundtable meeting which highlighted strategies ranging from a temporary moratorium on debt repayment to increased South-South trade and targeted policymaking that could help developing countries strengthen their economies, bolster their financial systems and protect their most vulnerable citizens during the economic downturn.
During the ensuing brief discussion, several speakers agreed that the financial crisis, with the attendant slowdown of growth in advanced economies, would affect low-income countries in many ways, including through falling remittances, reduced capital flows and reduced demand for their exports. At the same time, they saw the crisis as an opportunity to explore ways to strengthen South-South regional cooperation and trade agreements. Other speakers highlighted the need for industrialized nations to uphold their official development assistance commitments and other arrangements agreed by the G-8 (Group of Eight) and the G-20. They also urged the Conference not to pull back from beginning the discussion on an overhaul of the international financial system.
Participating in the discussion were the representatives of India, Gabon, Bangladesh, Czech Republic (on behalf of the European Union), Republic of Korea, Ghana, Venezuela, Indonesia, Madagascar, United States, Cote d’Ivoire and Congo.

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