Let's look at it through a wider prism, says Second Committee chairman.

• Position: Deputy Permanent Representative Oscar de Rojas of Venezuela on financing for development

During the last regular session of the General Assembly, Member States decide to consider in 1999 the convening of an international intergovernmental forum on financing for development, not later than 2001.

Since the adoption of that resolution (52/179), the process has progressed steadily, with the convening of a resumed session of the Second Committee (Economic and Financial) in mid-March.

Based on the presentations at the resumed session, the United Nations Secretariat has identified eight possible "key elements" that might be addressed in further work: mobilizing domestic resources for development; mobilizing international private financial flows for development; international financial cooperation for development; external debt; trade and financing for development; innovative sources of financing; governance of the international monetary, financial and trade systems; and the interrelationship between those elements and other special topics.

From April through July, 17 informal briefings were held on a range of related topics which drew on expertise from throughout the United Nations system, the Bretton Woods institutions, academic institutions, and intergovernmental and non-governmental organizations. The briefings were coordinated by the Chairman of the Second Committee, Deputy Permanent Representative Oscar de Rojas of Venezuela.

An important next stage in the process, which will take place during the fifty-third session of the Assembly, is the creation of an open-ended ad hoc working group "to undertake an in-depth examination of all the inputs requested" and prepare recommendations on the "form, scope and agenda of the high-level international intergovernmental consideration of the topic" - a challenging task, given the diversity of interests between industrialized and developing countries. Prior to that, the Secretary-General will prepare a report on the work of the United Nations to address financing for development, to be presented to the fifty-third session and is expected to facilitate the debate.

One matter yet to be taken up is the question of the most appropriate forum that should address this fundamental issue. The resolution is tentative on the type of forum, proposing "a summit, an international conference, a special session of the General Assembly or other appropriate high-level international intergovernmental forum". Ambassador Rojas acknowledges that from a political point of view an international conference ensures...