UN General Assembly
1990

The Persian Gulf crisis is causing major dislocations in the entire system of the world economy, as other speakers have pointed out. Their full magnitude is difficult even to assess at present. It is clear that the consequences will be severe for the economies of the developing countries, particularly the poorest ones. Merely stating this is not enough; action must be taken without delay It is necessary to establish, as soon as possible, an international mechanism, even if only a temporary one, for example, under the auspices of the International Monetary Fund (IMF) or the World Bank, to mitigate the adverse consequences of this crisis for countries which are in a particularly vulnerable position. We are of the view that sounding out the economic repercussions of the crisis should be primarily the function of the United nations; the Organisation should be the centre of action in situations affecting the interests of many countries.