The UN Conference on Financial and Economic Crisis and Its Impact on Development is held at the UN headquarters in New York, the United States, on June 30, 2009. The United Nations on Tuesday wrapped up a five-day debate on world financial and economic crisis and its impact on development. [Xinhua]

The United Nations on Tuesday wrapped up a five-day debate on world financial and economic crisis and its impact on development.

The event marked the first time for the world body to host a high-level meeting to discuss world financial crisis.

Leaders and representatives from over 150 member states and international organizations focused their debate on the impact of the crisis on developing countries and reform of global financial system.

Participants from developing countries stressed that although poor countries were not the cause of the crisis, they have been most severely affected.

They also insisted that the current financial system, which has existed for more than 60 years, is deeply flawed and must be reformed as soon as possible because it does not pay adequate attention to the views and needs of the developing countries.

"The world has had the opportunity to hear the voices of the G192, all of the members of the General Assembly," Assembly President D'Escoto Brockmann said at the close of the conference, which began Wednesday.

"This Conference has focused on the crisis that is gripping the world and the urgent needs to take steps to solve problems and reform our institutions," he said.

"We achieved consensus on an ambitious outcome document including common understanding on the causes and impacts of the crisis; the need for urgent action to increase ODA (official development assistance) and speed up delivery; the need to deal with debt and global liquidity; and the need for reform of the international financial and economic system and architecture and for improved regulation and monitoring," he said.

"Most importantly, we reached agreement on a process of continued engagement, including an invitation to the General Assembly to establish an ad hoc, open-ended working group to follow up on all the issues," said the president, calling for "effective action" to implement these commitments.

On Friday, delegates adopted by consensus the outcome document calling for increased aid and financial reform.

The 16-page outcome document, the product of intensive negotiations between developing and developing countries prior to the meeting, said that "the world is confronted with the worst financial and economic crisis since the Great Depression."

The crisis "has spread throughout the global economy, causing severe social, political and economic impacts," it said.

It pointed out that most developing countries do not possess fiscal resources to tackle the crisis and need further assistance by the international community while fulfilling existing commitments.

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

"The current crisis has revealed many deficiencies in national and international financial regulation and supervision," it said, urging tougher regulation and supervision of "all major financial centers," including hedge funds, as well as financial products like derivatives.

On financial reform, the document said that there is "consensus on the need for continued reform and modernization of the international financial institutions."

"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.

In a statement read out by Under Secretary-General for Social and Economic Affair Sha Zukang, UN Secretary-General Ban Ki-moon said the outcome document has set forth "a global consensus on the causes, impacts and responses to the current crisis, prioritized the prompt and decisive actions that will be required and defined a clear role for the United Nations."

The document "serves the interests of all nations in order to achieve more inclusive, equitable, balanced, development-oriented and sustainable economic development especially to help overcome poverty and inequality," Ban said.

In this perspective, it sends "a powerful message from all stakeholders, including all countries, rich and poor, to the forthcoming G8 summit in L'Aquila, Italy, and the G20 summit in Pittsburg," the UN chief added.