A/RES/50/120 Page 2 multilateralism, as well as their ability to respond to the needs of developing countries in a flexible manner, and that the operational activities of the United Nations system are carried out for the benefit of the developing countries, at the request of those countries and in accordance with their own policies and priorities for development, Recognizing the urgent and specific needs of the low-income countries, in particular the least developed countries, Noting the progress that has been achieved in a number of areas in the implementation of its resolution 47/199, while stressing the need for individual organs, organizations and bodies of the United Nations system, as well as coordination mechanisms of the United Nations system, to continue to work towards the full and coordinated implementation of that resolution, Also recognizing that the United Nations development system should take into account the specific needs and requirements of the countries with economies in transition and other recipient countries, Recalling that the General Assembly is the highest intergovernmental mechanism for the formulation and appraisal of policy matters relating to the economic, social and related fields, in accordance with Chapter IX of the Charter of the United Nations, and that the functions and powers of the Economic and Social Council are provided for in Chapters IX and X of the Charter and are elaborated in relevant Assembly resolutions, including resolutions 45/264 of 13 May 1991 and 48/162 of 20 December 1993, in which the Assembly defined the relationship between the Assembly, the Council and the executive boards of the funds and programmes, in particular the Council function of overall guidance and coordination of the operational activities for development of the United Nations system, 1. Takes note of the report of the Secretary-General on the triennial comprehensive policy review of operational activities for development of the United Nations system 1/ and welcomes its user-friendly format; 2. Reaffirms its resolution 47/199 and stresses the need to implement fully all the elements of that resolution in a coherent manner, keeping in mind their interlinkages; 3. Endorses Economic and Social Council resolution 1995/51 of 28 July 1995 on overall guidance on operational activities for development to the United Nations funds and programmes; 4. Notes with regret that, although significant progress has already been made on the restructuring and rationalization of the governance and functioning of the United Nations development funds and programmes, there has not been, as part of the overall reform process, any substantial increase in resources for operational activities for development on a predictable, continuous and assured basis, nor have the consultations on prospective new modalities for financing reached a conclusion; 5. Strongly reaffirms that the efficiency, effectiveness and impact of the operational activities of the United Nations system must be enhanced 1/ A/50/202-E/1995/76. /...