In the outcome document approved during the economic conference on Friday, the United Nations (UN) stressed the need for increased aid to the developing countries.

The document said that even though major actions have already been taken to maintain macro-economic stability and strengthen the international financial system, strong and urgent actions are needed to counter the impact of the crisis on most vulnerable populations.

"An adequate share of any additional resources -- both short-term liquidity and long-term development financing -- will need to be made available to developing countries, especially the least developed countries," it said.

The 16-page document was adopted on the third day of the UN Conference on the World Financial and Economic Crisis and Its Impact on Development, which marked the first time for the world body to host a high-level meeting to discuss the global financial crisis.

The aim of this high-level gathering is to identify emergency and long-term responses to mitigate the impact of the crisis, especially on vulnerable populations, and initiate a needed dialogue on the transformation of the international financial architecture, taking into account the needs and concerns of all member states.

As the economic turmoil spread around the globe, the developing world has born the brunt of the crisis, suffering from capital outflows, rising borrowing costs, collapsing world trade, lower commodity prices and falling remittances from overseas workers.

But in face of "the worst financial and economic crisis since the Great Depression," the document pointed out, most developing countries do not possess fiscal resources to tackle the crisis and need further assistance by the international community while fulfilling existing commitments.

As the majority of the world's developing countries lack fiscal space to implement countercyclical measures to combat the effects of the crisis and spur recovery, many also face foreign exchange shortages, according to the document.

Taking note of the April G20 summit held in London, which committed 1.1 trillion U.S. dollars to revitalize the world economy, the document called on the G20 to "further consider addressing the financial needs of developing countries, especially low-income countries."

The outcome document also emphasized that there is "consensus on the need for continued reform and modernization of the international financial institutions," as the current crisis has revealed many deficiencies in national and international financial regulation and supervision.

"These reforms must reflect current realities and should enhance the perspective and voice and participation of dynamic emerging markets and developing countries, including the poorest," it said.

The developing countries that faced an acute and severe shortage of foreign reserves because of the fallout of the crisis "should not be denied the right to use legitimate trade defense measures in accordance with relevant WTO provisions," according to the document.

The developing countries should also be allowed, as a last resort, to impose temporary capital restrictions and seek to negotiate agreements on temporary debt standstills between debtors and creditors, in order to help mitigate the adverse impacts of the crisis and stabilize macroeconomic developments.

Speaking after the document's adoption, UN General Assembly President D'Escoto Brockman said "the world has had the opportunity to hear the voices of the G192.”

"Our efforts have culminated in the adoption by consensus of an outcome document that represents the first step in a long process of putting the world on a new path towards solidarity, stability and sustainability," he said.

(Xinhua News Agency June 27, 2009)