Recalling that the worldwide financial and economic crisis that originated from the U.S. last year is adversely affecting political, economic, cultural and all other fields of many countries, he said, adding that this hardest hit developing countries and is throwing serious difficulties in the way of attaining the internationally agreed targets of development including the millennium goals for development.

It is absolutely intolerable that the aftermath of the economic slowdown spawned by the burst of the bubble of the capitalist monetary market is more directly and seriously affecting the peoples of developing countries than those of the developed countries, he said.

He expressed a positive view on the fact that the UN analyzed the worldwide financial and economic crisis and its cause and addressed in good time the important issues including the reform of the international financial system for the first time in its history.

He held that the only way of weathering the present worldwide financial and economic crisis is to do away with the outdated international economic order and establish a new international economic order whereby the sovereignty and interests of all countries are guaranteed on an equal basis.