The General Assembly,
 
      Reaffirming its resolutions S-18/3 of 1 May 1990, the annex to which
contains the Declaration on International Economic Cooperation, in particular
the Revitalization of Economic Growth and Development of the Developing
Countries, and 45/199 of 21 December 1990, the annex to which contains the
International Development Strategy for the Fourth United Nations Development
Decade, and the Cartagena Commitment, adopted by the United Nations Conference
on Trade and Development at its eighth session,
 
      Recalling its resolution 49/93 of 19 December 1994 on net flows and
transfer of resources between developing and developed countries,
 
      Stressing the importance at the national level in the countries
concerned of a favourable climate for private financial flows, sound
macroeconomic policies and appropriate functioning of markets,
 
      Recognizing that the international community should continue to give
strong support to the efforts of the developing countries to solve their grave
economic and social problems as well as to promote a favourable climate for
private financial flows through the creation of a favourable international
economic environment,
 
      Noting with satisfaction that the process of economic growth, in a
number of developing countries, has been positively affected by the recent
increase in international private capital flows,
 
      Commending continuing efforts made by developing countries to create a
more favourable national framework and stressing that a considerable number of
developing countries, in particular the least developed countries, especially
in Africa, have not benefited from the aforementioned capital flows,
 
      Expressing concern, within such a context, at the decline in real terms
in the past three years in the overall level of official development
assistance to developing countries,
 
      Expressing concern also that a significant number of developing
countries have become more vulnerable, in the course of liberalizing their
external economic and financial regimes, to the volatile fluctuations of
private capital flows in international financial markets,
 
      Noting the necessity of promoting the creation of favourable conditions
for achieving international stability in private capital flows and of
preventing the destabilization arising from swift movements of private capital
flows, in order, inter alia, to enhance development, in particular of
developing countries,
 
      Aware of the role of the International Monetary Fund in the promotion of
a stable international financial environment conducive to economic growth, and
taking into account the strengthening of the cooperative relationship between
the United Nations and the Fund,
 
      1.    Stresses that global financial integration presents new challenges
and opportunities for the international community and that it should
constitute a very important element of the dialogue between the United Nations
system and the Bretton Woods institutions;
 
      2.    Underscores the need for encouragement of private flows to all
countries, in particular to developing countries, especially long-term flows,
while reducing the risks of volatility;
 
      3.    Recognizes that, in a globalized world, sound fiscal and monetary
policy in each country is among the elements essential in preventing crises
relating to capital flows;
 
      4.    Emphasizes the need to explore ways to broaden appropriate
enhanced cooperation and, where appropriate, coordination of macroeconomic
policy among interested countries, monetary and financial authorities and
institutions, so as to enhance preventive consultation arrangements between
such institutions as a means of promoting a stable international financial
environment conducive to economic growth, particularly in developing
countries, taking into account the needs of developing countries as well as
situations that may have a significant impact upon the international financial
system;
 
      5.    Reiterates the need for broadening and strengthening the
participation of developing countries in the international economic
decision-making process;
 
      6.    Welcomes the steps taken by the International Monetary Fund and
recognizes the need for a stronger and central role for the Fund in
surveillance of all countries, in a symmetrical manner, in accordance with
paragraph 4 of the communique of the Interim Committee of the Board of
Governors of the Fund, dated 26 April 1995, with regard to potential sources
of destabilization of capital markets with a view to promoting transparency
and stability in international financial markets and promoting economic
growth, such surveillance including, among other elements, the regular and
timely provision of economic and financial data;
 
      7.    Reaffirms the objective of promoting greater transparency and
openness, including increasing participation of developing countries in the
work of the International Monetary Fund, an objective that involves, among
other elements, the regular and timely provision of economic and financial
data by all Fund members;
 
      8.    Requests the Secretary-General to report to the General Assembly,
at its fifty-first session, in cooperation with the Bretton Woods institutions
and the United Nations Conference on Trade and Development, on the
implementation of the present resolution.