financing for development. Eight factors were identified which reflected the major chapters in the Monterrey Consensus, including the mobilization of national resources, trade and debt. The World Bank, the International Monetary Fund (IMF) and the World Trade Organization (WTO) were invited to join the United Nations in a dynamic partnership, so that together they could find ways to mobilize resources to advance national development. The General Assembly had recognized that States had an individual and shared responsibility for development. The Millennium Development Goals, adopted in 2000, were crucially linked with the Monterrey process, given the part to be played by financing for development, so people could emerge from conditions of poverty.

He said that with a view to the upcoming September meeting, which would assess implementation of the MillenniumDevelopment Goals, many projects had been implemented in recent months, such as the recent decision by Group of 8 ministers to cancel 100 per cent of the debt of some developing countries. It was essential to ensure that the monetary system was more consistent and cohesive to enable developing countries to reform and to mobilize national resources. On the eve of the WTO conference, a general agreement must be worked on to establish a multilateral trade system that was more open and equitable. He reiterated the appeal of heads of State at Monterrey calling for an international follow-up conference to report on the implementation of the Monterrey Consensus. Arrangements for such a conference must be decided on in 2005 at the latest.

KOFI ANNAN, Secretary-General of the United Nations,