The 120th Assembly of the Inter-Parliamentary Union,

Considering the consequences of the global financial crisis and its adverse impacts on the global economy, in particular in developing nations,

Concerned that the global financial crisis is affecting developed countries through lower exports and foreign earnings, reduced availability and higher cost of credit, lower levels of foreign direct investment and foreign aid, and in other ways,

Mindful of the interdependence of national economies and global economic systems,

Deeply concerned about the adverse impact of the international economic and financial crisis on the most vulnerable sectors of the global community; bearing in mind that the crisis has its origins in developed countries, and that its solution requires a broad international dialogue with the active participation of all countries under United Nations auspices to facilitate the thorough reconstruction of the global international financial architecture, including by setting up early warning systems,

Noting that the international economic and financial crisis necessitates the redesign of current development models to place the value of human life at the centre of their concerns,

Recognizing the need to establish a stable, fair and secure global economic system,

Recalling the communiqué issued at the close of the G20 London Summit on 2 April 2009, in which G20 leaders pledged to take measures to restore confidence, repair the financial system, promote global trade and investment, and build an inclusive, green and sustainable recovery, while at the same time recognizing their collective responsibility to mitigate the social impact of the crisis,

Recalling furthermore the commitment of the G20 States to achieve their respective official development assistance pledges, including commitments on aid for trade, debt relief and the Gleneagles commitments, especially to sub-Saharan Africa,

Recalling that at the United Nations International Conference on Financing for Development in Monterrey in 2002, developed countries signed the Monterrey Consensus, which recognizes that a substantial increase in ODA and other resources will be required if developing countries are to achieve the internationally agreed development goals, and urgesdeveloped countries to make concrete efforts to reach the target of 0.7 per cent of gross national product (GNP) as ODA to developing countries,

Mindful that, according to the United Nations, some of the most vulnerable sectors of society worldwide are located in Africa, home to more than 920 million people, 60 per cent of whom are aged under 25, that about two fifths of this population live on less than US$ 1 a day, that in sub‑Saharan Africa between 21 and 23 million people are infected with HIV and that each year there are 1.7 million new infections, that infant mortality stands at 166 per 1,000 live births and that 90 per cent of deaths caused by malaria annually worldwide occur on the African continent,

Recalling that it has been said at different multilateral forums that the greatest challenge facing the world today is poverty eradication and that this challenge is all the greater as a result of the international economic and financial crisis,

Recognizing that progress in both providing funding for and fulfilling the Millennium Development Goals (MDGs) and other internationally agreed development goals requires greater global efforts, that the MDGs are far from being fulfilled, and that these difficulties are compounded by the international economic and financial crisis,

Recognizing the valuable and little-known contribution of Africa to the development of culture, history and civilization,

Noting the impact of slavery and the forced removal of vital labour and natural resources that would have helped develop Africa,

Noting with concern that a global recovery will be delayed until well into 2010 even if countries adopt the correct policies to fight the recession, and that while most low-income countries escaped the early phases of the global crisis, they are now being hit hard,

Recognizing that countries, including 17 of the G20 countries that signed the November 2008 pledge to avoid protectionist measures, have implemented 47 measures that restrict trade at the expense of other countries, and that every 1 per cent drop in global economic growth could trap an additional 20 million people in poverty,

Considering the importance of parliament’s role, in cooperation with the national government, in trying to reduce the negative impacts of the global financial crisis on the world’s most vulnerable, and the importance of cooperation between parliaments and governments to advance the development goals set by the international community,

Bearing in mind the shared and differentiated responsibilities of all countries to address the global financial crisis for humanitarian and other reasons,

Welcoming the unanimous adoption by the 119th IPU Assembly (Geneva, 2008) of the resolution entitled "The role of parliaments in containing the global financial crisis and its economic impact, both on developing and developed countries", which called on the Governing Council to organize an international parliamentary conference to examine the causes and effects of the international financial crisis,

Convinced that this Assembly is an opportunity to demonstrate solidarity with African and other developing countries in the difficult situation they are currently facing,

1. Calls for urgent action by all parliaments to address the global financial crisis at the forthcoming IPU Parliamentary Conference on the Global Economic Crisis scheduled for 7 and 8 May 2009;
2. Reaffirms its full support for the June 2009 United Nations General Assembly high-level conference on the international financial and economic crisis and its impact on development, and urges the IPU to convey to the President of the United Nations General Assembly the hope that the conference will devote particular emphasis to the most vulnerable sectors of the global community, paying special attention to the African continent in light of its particular needs;
3. Calls onthe parliaments and governments of the world to consider the eradication of poverty and social injustice and its root causes in Africa and other developing countries as a priority, and to implement actions to deal effectively with them;
4. Urges parliaments to explore ways to mitigate the social, political and economic effects of the global financial crisis, particularly on developing nations;
5. Calls on parliaments to ensure effective governance of financial systems, including regulatory measures, in order to avoid future financial crises and provide accountability;
6. Urges the governments of developed nations to assume appropriate responsibility to help remedy the negative effects on developing countries of the global financial crisis.

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