Mr. Chairman,

1. I have the honour to speak on behalf of the Group of 77 and China, under agenda items 118 and 48, on the programme budget implications of draft resolution A/63/L.66 related to the Organization of the United Nations conference at the highest level on the world financial and economic crisis and its impact on development.

2. I would like to thank Ms. Sharon Van Buerle, Director of Programme Planning and Budget Division, for introducing the statement of the Secretary-General, in accordance with rule 153 of the rules of procedure of the General Assembly as well as Ms. Susan Mc Lurg, Chairperson of the Advisory Committee on Administrative and Budgetary Questions, for her oral introduction of the relevant report of the Committee.  We also wish to take this opportunity to express our appreciation to the Secretariat and Advisory Committee for the sense of urgency and efficiency they displayed in carrying out their work.

Mr. Chairman,

3. It is indeed with a sense of urgency that we meet today.  The unfolding world financial and economic crisis necessitates a concerted action of the entire membership of the United Nations Organization, the sole universal body that provides a democratic venue to tackle the most challenging financial and economic crisis ever.  The central role of the General Assembly in this regard was clearly reaffirmed by Heads of State and Government in last December´s Doha Declaration on Financing for development, which entrusted the President of the General Assembly with the organization of a United Nations conference at the highest level on the world financial and economic crisis and its impact on development.

4. The Group of 77 and China cannot but over emphasize the importance of the conference and the need for the fifth committee to complete the consideration of the programme budget implications expeditiously, so as to enable the adoption by the General Assembly of draft resolution L.66, the content of which is the result of protracted negotiations.

Mr. Chairman,

5. In this regard, the Group of 77 and China fully endorses both the statement of the Secretary General and the report of the Advisory Committee on Administrative and Budgetary Questions on the programme budget implications of draft resolution L.66, which amounts to 867,700 USD inclusive of a net absorption of 296,800 USD.

6. The Group remains committed to the effective work of the Fifth Committee and would like finally to commend you, Mr. Chairman, in convening this meeting in a timely manner.