Mr. President,

1. I have the honour to deliver this statement on behalf of the Group of 77 and China.

2. For the Group of 77 and China, addressing global economic governance issues is a prerequisite for all other changes in the international financial architecture. International financial institutions need a more representative, responsive and accountable governance, reflecting the realities of the twenty-first century.

3. The efforts to reform the international financial architecture should be internationally coordinated and should lead towards the full inclusion of developing countries in international economic decision-making and norm-setting. Reaching agreement on these issues requires political will and the strong support of the entire membership to translate reform commitments into reality.

4. In that regard, the Group of 77 and China supports a comprehensive reform of the international financial architecture, including enhancement in the voting powers of developing countries, in a time bound manner. The reform efforts should also address the objectives for which the IMF was created: one, to ensure financial stability, and two, to ensure access to (short-term) financing for those countries which actually need it. The G-77 and China will continue to press for such a fundamental reform of the international financial system, and its governance architecture, in all relevant fora.

5. The G77 and China calls for an expeditious completion, as soon as possible, of a much more ambitious reform process of the World Bank's governance structure and of an accelerated road map for further reforms on voice, participation and enhanced voting power of developing countries based on an approach that truly reflects its development mandate and with the involvement of all shareholders in an equitable, transparent, consultative and inclusive process.

6. The G77 and China deems important to strengthen the concepts of ownership and policy space. In that respect, it must be borne in mind that client countries are the owners of their development policies and that selectivity in World Bank's strategy and actions must be guided, first and foremost by developing countries' priorities and preferences.

7. Achieving more sustainable and balanced global growth will also require close coordination of macroeconomic policy decisions with other areas of global governance, including those related to the multilateral trading system; aid architecture; poverty eradication and sustainable development, including climate change. A strengthened United Nations framework for enhancing coordination and complementarity should be at the centre of efforts to bridge this gap, building consensus on efficient and effective solutions for global economic, social and environmental issues.

8. As recognized by the General Assembly in Resolution 65/94, entitled "The United Nations in global governance", there is a "need for inclusive, transparent and effective multilateral approaches to managing global challenges", and likewise, the General Assembly reaffirmed "the central role of the United Nations in ongoing efforts to find common solutions to such challenges."

9. There is a need for activities to follow up to the UN Conference on the Financial and Economic Crisis. The Member States of the United Nations should continue to discuss the global economic crisis and its impact on development and developing countries, and to also consider proposals to address related problems and issues. The past two years' experience has shown the importance and usefulness of an open, transparent and inclusive multilateral forum for this dialogue and for discussing proposals for addressing the crisis, in line with the mandate provided by the decisions of the Conference and the relevant General Assembly resolution. It is the conviction of the G77 and China that the Working Group on the Financial and Economic Crisis should continue its work and that the Ad Hoc Panel of Experts on the follow-up of the financial and economic crisis be established as soon as possible.

10. In conclusion, the Group of 77 and China remains committed to engage in this constructive process of interaction between the UN system, the BWIs, WTO and UNCTAD. Given its universality, legitimacy and mandate, the UN is an appropriate venue to discuss the global economic and financial affairs and ways to meet the needs and challenges of the 21st century. We believe this meeting is part of the bridge building we are all required to make in order to address the lasting impacts of the crisis in a holistic way.

I thank you.