It is clear, that the impact of globalization benefits, primarily, states having strong economy and advanced technology while leaving the least developed countries with little, if any, means to cope with such reality. The developing countries, especially the least developed countries, who cannot catch up with the globalization's speed, will be left behind. The rich countries will get richer and more developed, and the poor countries will get poorer and poorer. Therefore, the Royal Government of Cambodia calls all Member-States of the United Nations to unite their efforts and resources to make sure that the benefits of globalization are expanded more equally among the international community, and to maximize the positive impact of this phenomenon in order to enable the least developed countries to follow the trend of globalization. Another aspect of finance for development is the crushing burden of debt that must be overcome by the developing countries.
Debt places a heavy burden on the development process of many developing countries.
Unfortunately, the debt strategies that have been implemented so far have not proved capable of solving this problem. The Royal Government of Cambodia, appreciates the initiative taken by some nations in agreeing to solve the intolerable debt burden of the least developed countries. However, the results are currently so far away from being sufficient. That is why, we appeal for this initiative to be adopted by some other members of the international community, enabling more poor countries to benefit from these human and just actions. Mr. President, Cambodia sincerely hopes that the Millennium Summit which has just successfully concluded, will bring about the imperative reform of the United Nations.