Special Report: The 7th Asia-Europe Meeting

    UNITED NATIONS, Oct. 24 (Xinhua) -- The United Nations on Friday vowed to do its utmost to help the poorest and most vulnerable in developing countries tide over the global financial crisis.

    "The crisis we are facing today will impact all countries, developed and developing, but its most serious repercussions will be felt most by those who are least responsible -- the poor in developing countries," the world body said in a statement issued at the end of a meeting of the UN System Chief Executives Board for Coordination (CEB).

    The executive heads of UN specialized agencies, funds, programs, and the World Bank and the International Monetary Fund met Friday to "undertake a wide ranging assessment of the ongoing global crisis in financial markets and the threat of recession in the global economy that holds serious risks for people, families and communities everywhere," the statement said.

    UN Secretary-General Ban Ki-moon, who chaired the meeting, told reporters that the surges and volatility in the prices of essential commodities, in particular, energy and food, "have caused immense hardship and lowered the standard of life and nutrition in poor countries."

    "The financial crisis, the threat of global recession and the huge volatility in commodity prices threaten the foundations of globalization that has underpinned global growth," Ban said.

    He warned that new protectionist pressures and credit contraction could further exacerbate and deepen a global recession.

    Participants at Friday's gathering included Dominique Strauss-Kahn, managing director of the IMF, Robert Zoellick, president of the World Bank, Juan Somavia, director-general of the International Labor Organization, and Pascal Lamy, director-general of the World Trade Organization.

    Ban said it was agreed at the meeting that the UN must act in coordinated manner.

    In the statement released at the end of the meeting, the UN expressed "full commitment to support the international community and to play its full part in addressing and alleviating the negative repercussions of this crisis worldwide."

    "Immediate action is needed to protect people, jobs, shelter and livelihoods," the statement said.

    It urged all states to reaffirm and strengthen their commitments and pledges for development and humanitarian assistance.

    "In the face of the current crisis, official development assistance (ODA) has become even more centrally important to the poor developing countries that are faced with financial constraints, declining liquidity and seriously worsening balance of payments positions," it said.

    The statement thanked world leaders who have pledged not to reduce their ODA commitments and called on leaders of all developed countries to meet their pledged commitments.

    It urged all member states to engage "in renewed vigor" in preparing for the Doha conference on financing for development.

    The statement called for a timely response to the current global crisis to prevent it from becoming tomorrow's disaster. "The market and regulatory failures that have led to this crisis must be addressed as a matter of urgency," the statement said.

    "The CEB will take proactive leadership among multilateral institutions to ensure coordinated and comprehensive response on trade, development, employment, finance, humanitarian assistance, environment and the protection of global goods and norms to help build a fair and sustainable globalization," the statement said.