The General Assembly of UN announced today that it will convene a global summit in June to assess the impact of the world financial crisis on development.

In the midst of the most serious economic downturn since the Great Depression ,we now have the opportunity and the responsibility to search for solutions that take into account the interests of all nations, the rich and the poor , the large and the small, said Miguel D'Escoto, the president of General Assembly.

Mr. D'Escoto has been tasked with organizing the UN conference that runs between June 1 to 3.on 1-3 June for the World Financial and economic crisis and its impact on development.

In addition to the impact of the crisis, the conference will also focus on ongoing discussions on reforming and strengthening the international financial and economic system and architecture.

It is vital to draw on technical expertise and practical wisdom from allover the world and from countries at every stage of development, as well from international organizations, private sector and civil society, said Mr. D'Escoto.

The Economic and Social Council with the World Bank, International Monetary Fund (IMF) and World Trade organization (WTO) are expected to contribute to the preparations for the June summit.