Economic and Social

RESOLUTION 1.1

Committee: Economic and Social

Topic Area A: Global financial crisis; the role of IMF (International Monetary Fund) and World Bank.

Sponsored by: Russian Federation

Submitted by : Armenia, South Africa, Vietnam, United Arab Emirates, Tunisia , Iran, China, Chile, Cuba, Haiti ,DPR Korea ,Russia

The Economic and Social committee,

Acknowledging that humanity faces a global economic and financial meltdown that may yet rival the Great Depression.

Aware of social results that a critical economic crisis may bring about, as shown from the 30s and the Great Depression and concerned about the reservation of world peace.

Determined to deal with the complexity of the causes that brought many countries deep into the financial crisis and others on the edge of bankruptcy , so as to promote sustainable economic growth and to reduce poverty through pragmatic means.

Believing in the past actions of the UN aiming at the stabilization of the international monetary system , among which is contained the conception of the IMF at a United Nations conference convened in Bretton Woods , New Hampshire, United States, in July 1944.

Also drawing the attention to the reform of international financial institutions. We stand for reviewing the IMF role and mandate so as to adapt it to a new global monetary and financial; architecture. We emphasize the important role to IMF and Worlds Bank have on the Global Financial Crises and strongly recommend the following .

Concerning the fact that the crisis has demonstrated that the Fund must strengthen its surveillance capability.

Encourages the study of developments in the international monetary system including the role of reserve currencies. This would help clarify the role of the Fund in the international economy in light of lessons drawn from the crisis .

Invites the swift activation of the IMF’s new income model, including the speeding up of the process required for the sale of a portion of the Fund’s gold.

Requests urgent action with regard to voice and representation in the IMF, to order that they better reflect their real economic weights.

Requests that its necessary to develop new credit facilities that could assist countries facing financial problems. Those new facilities would bear new and more flexible approaches to the conditions and the precautions of the facility.

Endorses the improvement of tax measures and the conduction of more intense research on tax payments and also on the appliance of ever greater fine deposits for evaders with the aim of totally eliminating tax evasion and denial of complying with the tax obligations and rules.

Affirms the unity and co-operation among under-developed or less developed countries against the global financial crisis;

Strongly condemns the selling of national property to multinational private companies;

Encourages IMF and World Bank to provide low-interest loans or interest-free credits to countries that have been adversely affected by the crisis in the near term;

Supports the reform of the IMF and World Bank structures and believes that this is the way that the alarming current economic situation can be saved.