United Nations Radio

The President of the UN General Assembly says the conference on financing for developing which has ended on Doha, Qatar, has taken the first steps to agree on major changes in international financial governance.

UN Radio's Donn Bobb filed this report from Doha.

"We have reached a successful conclusion to this Follow-up Conference on Financing for Development to Review the Monterrey Consensus.

With those words, President of the UN General Assembly to the Conference Miguel D'Escoto Brockmann of Nicaragua put the wraps on the 4-day conference on financing for development in Doha, Qatar.

He says not only has the conference strengthened commitments to innovative cooperation for financing for development, but it has taken the first steps to agree on major changes in international financial governance.

'We agree that these changes must respond to the needs and concerns of all nations, rich and poor, North and South, and that the process of change will be inclusive and democratic.'

D'Escoto-Brockmann says the negotiations have highlighted a new sense of solidarity and goodwill among nations at a time when they can be tempted to withdraw into their narrowly defined self-interests.

He adds that in the face of a loss of confidence in "our international financial institutions, the difficult process of rebuilding trust has begun."

The UN General Assembly has been authorized to hold a conference at the highest level on the world financial and economic crisis and its impact on development.

This is Donn Bobb reporting for United Nations Radio, Doha.

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