The GA president pointed out that while the UN charter seeks the end of the scourge of war it also seeks guaranteed peace and security by strengthening the economy of the world.

"We must, all of us, I believe, collectively assume responsibility," he said. "I don't want to waste time finger pointing. We are all, in one degree or another, responsible and we must all work together in good faith to try to restructure."

Ambassador Jorge Valero of Venezuela, who spoke after the General Assembly adopted the resolution enabling the upcoming meeting, said the meeting was first proposed by Venezuelan President Hugo Chavez and later supported by the Group of 77 and China, a caucus of about 130 developing countries. Valero made the proposal at the Doha Conference on Financing for Development in November 2008.

It suggested the international community develop regional monetary reserves based on a system of regional special drawing rights. Another suggestion was that it eliminate the dollar reserve, which he said would prevent the United States "Empire" from "financing its deficits through the issuance of new dollar bills."

D'Escoto said the facilitators for the June meeting, ambassadors Camillo Gonsalves of Saint Vincent and the Grenadines and Frank Majoor of the Netherlands, were allowing member states to lead the sessions to a mutually agreed outcome.

D'Escoto, a Roman Catholic priest, said he was about to begin a series of visits to Latin America, Asia and Europe to further promote the meeting.

"I am very happy and praying very hard for the success of this meeting," he said. "The fundamental purpose of my trip will be to explain how it is going and how important it is to participate because there is no exclusion" of countries from the sessions.

(Xinhua News Agency April 15, 2009)