Paula Quintana, minister of planning of Chile, said on Friday that the high-level UN conference on the world financial crisis is "very timely," and she put forward a four-point proposal for the international community to act on the worst economic downturn since the Great Depression.

Quintana, while speaking at the high-level meeting, said, "This Conference on the Economic and Financial Crisis and its Impact on Development is very timely, given that we are in the presence of the worst financial and economic crisis since the Great Depression, with much uncertainty as to whether the worst is still to come."

"This is an example of the vitality and ability of the organization to respond to the major challenges of our time," she said.

"The economic crisis was viewed as a widespread crisis threatening to cause major setbacks in rates and levels of progress being made by the various countries and therefore in the quality of life of their inhabitants," she said. "However, the reality has tended to be worse than was initially foreseen."

"This crisis has presented us, very starkly, with major challenges," she said. "It has revealed our weak spots and has given us tasks and responsibilities, in both the multilateral and national arenas, involving various emergencies, responsibilities and commitments."

Meanwhile, she raised a four-point proposal:

-- Firstly, speedy and urgent action is required to mitigate the effects of the world financial and economic crisis and its impact on development, especially the development of the most vulnerable lower-income economies, in which social problems are most acute, she said.

-- Secondly, "we cannot lose sight of the origin of the financial and economic crisis and the conditions that allowed it to happen and we must take steps to ensure that it will not happen again," she said.

-- Thirdly and no less important, the challenge in the medium term is to move more rapidly towards global economic convergence, she said.

-- Lastly, "I should also mention that, while the financial and economic crisis and its social impact have extended to the various regions and countries of the world, their magnitude has varied," she said.

(Xinhua News Agency June 27, 2009)