A/RES/53/172 Page 3 1. Takes note of the report of the Secretary-General entitled “Global financial flows and their impact on developing countries: addressing the matter of volatility”,2 the World Economic and Social Survey, 19983 and the Trade and Development Report, 1998;4 2. Stresses the importance of having an enabling international environment and a strong cooperative effort by all countries and institutions to support crisis-hit countries and to prevent further contagion, and calls on all countries, particularly major industrialized countries, which have significant weight in influencing world economic growth, to adopt and pursue policies conducive to economic growth and to promote a favourable external economic environment for the recovery of the affected countries and countries in a critical economic situation; 3. Also stresses the importance at the national level of sound macroeconomic policies and policies aimed at strengthening institutional capacities and regulatory frameworks, especially the regulatory and supervisory systems of the domestic financial and banking sectors; 4. Emphasizes that the international financial institutions, in providing policy advice and prescriptions in the context of adjustment and financial crisis programmes, should ensure that they are sensitive to the specific circumstances of the concerned countries and to the special needs of developing countries and work towards the best possible outcome for the economies concerned; 5. Recognizes the importance of accelerating the growth and development prospects of least developed countries, which remain the poorest and most vulnerable segment of the international community, and calls upon development partners to carry on their efforts to increase official development assistance and their efforts aimed at strengthened debt relief, improved market access and enhanced balance-of-payments support; 6. Stresses the need for continued and constructive dialogue in the appropriate forums among developed and developing countries on issues related to strengthening and reforming the international financial architecture; 7. Also stresses the need for the international community to continue to work together in formulating a global approach towards financial crisis, and in this regard welcomes the efforts undertaken to strengthen further the cooperation and collaboration among the United Nations system, the International Monetary Fund, the World Bank, the regional development banks, the World Trade Organization and other relevant international economic institutions in the areas of common and complementary objectives; 8. Further stresses the importance of the open high-level dialogue between the Economic and Social Council and the Bretton Woods institutions, and invites the Secretary-General to support further the Economic and Social Council in the organization of the high-level dialogue in 1999, in accordance with Assembly resolution 50/227 of 24 May 1996; 2 A/53/398. 3 United Nations publication, Sales No. E.98.II.C.1. 4 United Nations publication, Sales No. E.98.II.D.6. /...