Mr. President.
I would like at the outset to extend to your Excellency our congratulations on being chosen president for this high level event, embodied in the International Conference on Financing for Development. I am confident that your wisdom and experience will lead this conference towards the achievement of its objectives.

Mr. President,

This international event takes place to ensure the realization of the aims and purposes of the United Nations Charter in the enhancement of international cooperation to seek solutions for all economic and social issues. It also embodies the principles indicated in the International Declaration of Human Rights, and implements the outcome of the major conferences and summit conferences held by the United Nations over the past few years, chief among which were the Millennium Summit, and the United Nations Third Conference for the Least Developed Countries. All peoples of the world, particularly in the Developing Countries, have great expectations of this event, which will address national and international issues, as well as system-wide issues related to Comprehensive Financing for Development, in the context of Globalization and interdependence. Furthermore, this event will address the issue of development from the perspective of financing, and the mobilization of resources in order to implement fully and effectively the results reached internationally over the past few years.

Mr. President,

The mobilization of financial resources constitute an integral part of the comprehensive efforts that must be undertaken to achieve growth, sustainable development, and the eradication of poverty. Such efforts cannot be made except through the establishment of a conductive, local environment in which all members and groups of the society truly participate in the setting of general policies, and control their overview implementation. Each of the actors involved will undertake this task within a political and organizational framework which suits it, and in a manner which leads to the realization of freedom, peace, security, internal stability, respect for human rights, including the right to development, the rule of law, gender equality, the establishment of just and democratic societies, the enhancement of public finance, through the introduction and execution of effective and equitable tax systems, the increase of public expenditures to develop the infrastructure, social development, capacity-building, and technical assistance. In this connection, the Great Jamahiriya has taken leading and unique measures in the world since 1977, the year when it declared the establishment of the People's Authority. Under that declaration, the Libyan people took control of all organs of government, thus possessing authority, wealth, and arms. Through their exercise of authority, the Libyan people could draw the general policies of the State for all bodies and institutions, implement these policies, and control them. They were also able to establish public and corporate enterprises, as well as partnerships, on an individual and family level. Concessional loans to set up small and medium enterprises were also made available in order to achieve economic, social, and human development for all members of the society.

Mr. President,

The mobilization of international resources for development constitutes a vital factor that complements national and international initiatives, through the flows of private international capitals, and the increase of the Official Development Assistance, which, in turn, augments local resources. This assistance remains the biggest source of external financing for developing countries in Africa, the Least Developed Countries, small Island countries, and Land-Locked Developing countries. In this respect, Libya calls upon the developed countries exert their utmost efforts to implement the internationally agreed targets of allocating 0.7% of their GNPs to the Official Assistance given to developing countries, and a rate of 0.15% to 0.20% of their GNPs to the Least Developed Countries. It also calls upon that the recipient and the donor countries, as well as the international institutions, should work together to render official financial assistance more effective. Multilateral development institutions, as well as regional ones, must, in their turn, perform their role in the service of providing the developmental requirements for developing countries. They should also contribute to the provision of adequate funds to countries that face poverty challenges, and lack sufficient accessibility to capital markets. Furthermore, these institutions should harmonize their operational procedures on the highest level in order to reduce the cost of transactions, and achieve greater flexibility in the process of providing and developing Official Development Assistance. The needs and objectives of national development, within the framework adopted by the recipient country, should also be taken into account. Moreover, they should endeavor to lift restrictions put on assistance given to the Least Developed Countries: improve the capacities for finance management in the recipient countries and the contribution of these countries to the design of technical assistance programmes, including the purchase process, and enhance the effective use of local technical assistance resources.

The alleviation of the burden of external debt plays a major role in the liberalization of resources that can be subsequently invested in activities commensurate with the achievement of sustainable growth and development. My country calls, therefore, for the adoption of more national and international measures in this respect, including, if necessary, the cancellation of debts, and other arrangements, aiming at the alleviation of poverty in the recipient countries. We emphasize, at the same time, that both the IMF and the World Bank should take into consideration, when putting forward recommendations concerning policies, including the alleviation of debts burdens, the basic changes in the ability of countries to sustain debts because of Natural disasters shocks in trade-exchange terms, and conflicts. We stress also the importance of setting a number of clear principles to manage and resolve financial crises in a manner that guarantees an equitable sharing of burdens between the public and private sectors, and between debtors, creditors, and investors. Donor countries are called upon to take steps to ensure that the resources they provide to lessen debt burdens do not adversely affect the resources intended to be provided to developing countries from Official Development Assistance. They should also work to expand and enhance the participation o£ these countries in all the relevant international institutions such as: the International Monetary Fund (IMF), the World Bank, World Trade Organization (WTO), Bank of International Settlements, and the Ad hoc Groups which provide recommendations concerning policies that have international consequences.

Mr. President,

Libya attaches top priority to the revitalization of the UN system, as this is a basic matter to the enhancement of international 'cooperation for development, and for the establishment of a just and equitable world economic order. We stress also the necessity of enhancing all the major organs of the organization to perform their mandated principal roles, including the General Assembly, in its capacity as a parliamentarian and representative organ entrusted with the enactment of major UN policies. The Economic and Social Council should also be revitalized to be capable of performing the role assigned to it by the UN Charter. Furthermore, Libya urges the acceleration of the reform process of the Security Council, and its methods of work, in a manner that achieves justice and democracy in the adoption of its resolutions. These resolutions should reflect the will of the majority of the international community members who wish to achieve justice and enhance international peace and security. This Council should not be exploited by turning it into a tool of coercion used against small and vulnerable states, and an organ through which unjust sanctions are imposed. Such sanctions have been a major cause for the increase of poverty and diseases, and have led to the deaths of millions of peoples in many parts of the world, including my country in the last decade, and the current suffering of Iraq. My country calls upon the International Community to stand firmly in the face of super powers which have constantly violated the UN Charter, and other rules of international law, by imposing unilateral coercive economic measures on some developing, and least developed, countries, which considerably obstructed the efforts of the affected countries in the field of economic development and sustainable development.

Mr. President,

My country is a developing country that is very much in need for all its available resources to achieve economic, social, and human development for its people. However, given its leading role in the African continent, and out of its sense of responsibility towards several friendly and sisterly countries. Libya has since the start of the Great El-Fateh Revolution in 1969 contributed generally to the support of developing countries in general, and the least developed countries in particular, through financial flows in the form of grants, as well as concessional and unconditioned loans. Most African countries, and a number of countries in Asia and Latin America, benefited from these flows. Several developmental projects were established, including the building of schools and hospitals, as well as the undertaking of joint investment projects, bilaterally and multilaterally, in the financial, banking, agricultural, mining, fishing, and maritime transportation fields. Libya contributed also to the establishment of numerous petrol stations, power plants, airports, and the drilling of wells for drinking water. Further assistance was given to the building of roads and the establishment of health centers to combat AIDS, and other endemic diseases.

Mr. President,

The maintenance of international peace and security, and the reinforcement of stability, constitute an essential condition for the achievement of economic development and sustainable development, and an effective factor in the mobilization of local and international resources for the financing of development. This has prompted my country to make intensified efforts to put an end to disputes among some states, particularly in Africa and Asia. These efforts were successful in bringing about peace and achieving national reconciliation in several countries, turning their national energies and capabilities to the realization of development and construction Out of my country's belief that integration is one of the means that will lead to the eradication of underdevelopment and the achievement of comprehensive development, it has been honored to initiate the Sahilo-Saharian Community of States, and the African Union declared in Sirt Second Summit held in the Jamahiriya in the year 2000.

Mr. President,

In conclusion, I wish to express sincerest thanks and appreciation for the commendable efforts of the Mexican government and people who hosted and organized this important event. We are most grateful to them for providing all means to ensure comfort for the participants.

Thank you, Mr. President.