A
UNITED
NATIONS
General Assembly
Distr.
GENERAL
A/RES/53/172
19 January 1999
Fifty-third session
Agenda item 91 (b)
RESOLUTION ADOPTED BY THE GENERAL ASSEMBLY
[on the report of the Second Committee (A/53/606/Add.2)]
53/172. The financial crisis and its impact on growth and development,
especially in the developing countries
The General Assembly,
Reaffirming its resolution 52/180 of 18 December 1997 on global financial flows and their impact
on the developing countries, as well as the ministerial communiqué on market access, adopted by the
Economic and Social Council on 8 July 1998,1
Also reaffirming that global financial flows, in the context of financial globalization, have presented
Governments, the multilateral financial institutions and the international community at large with new
challenges and opportunities, and that they should constitute a very important element of the dialogue
between the United Nations system and the Bretton Woods institutions,
Mindful of the vital role of financing for fostering the economic development of the developing
countries, and emphasizing the importance of adequate financial resources for development,
Recognizing the benefits of the increasing integration of global markets and the important role of
capital flows for promoting economic development and social welfare,
1
See Official Records of the General Assembly, Fifty-third Session, Supplement No. 3 (A/53/3), chap. IV,
para. 5.
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