For his part, Urmas Paet, foreign minister of Estonia, said that the crisis has serious implications for developing economies, which were increasingly dependent on trade, foreign investment and remittances to meet their economic growth and social needs.

Following hard on the heels of the food and fuel price shock, it is hitting developing countries through many channels, which together dropped net inflows and created a serious financing shortfall. Some countries were limiting hard currency exchange for their people, impeding both tourism and exports.

Therefore, "the United Nations family has an important role in creating a coherent response," he said.

Meanwhile, Peter Power, minister of state for overseas development of Ireland, said, "The UN, working with the other relevant institutions, should be given the resources to monitor the impact of the crisis on the poorest and most vulnerable."

UN Secretary-general Ban Ki-moon told the opening of the three-day high-level meeting on Wednesday that he is mobilizing the UN resources to monitor the impact of the current global financial crisis, which has affected every nation in the world.

"The UN has already reported that the volume of global trade is expected to fall by 11 percent this year -- the largest annual decline since the Great Depression," he said. "This underlines the need for an ambitious, balanced and comprehensive agreement in the WTO (World Trade Organization) Doha Development Round, which addresses the real concerns of developing countries, particularly the poorest."

(Xinhua News Agency June 26, 2009)