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UN financial summit likely delayed

world Updated: May 23, 2009 07:13 IST

The UN General Assembly is expected to postpone a summit on the global financial crisis from June 1-3 until later in the month because of conflicting events and the need for extra time to reach agreement on a final document.

After extensive discussion, that dragged into Friday evening, the 192-member world body reached general agreement to delay the summit until June 24-26.

"All the groups except the European group agreed to the president's recommendation to postpone the summit. The Europeans asked for further time to consult with capitals and the president agreed to delay a final decision until Tuesday, because he believes it's important to have a consensus decision of all the groups," assembly spokesman Enrique Yeves said.

The first draft of the final document for the U.N. summit was considered too leftist by a significant number of UN countries and a new draft was released on Wednesday.

When D'Escoto announced the summit in April, he said it would ensure that all nations - not just the 20 major economic powers - "have an opportunity to participate equally and fully in the common search for solutions that meet the concerns and needs of all countries, large and small."

Venezuelan President Hugo Chavez announced that he would attend the summit, and a number of other leaders were expected to attend, primarily from Latin America, UN diplomats said. Most countries planned to send ministers or deputy ministers.

The UN summit will take place two months after the London summit of the Group of 20 - the 19 countries and the European Union which together account for 85 percent of the global economy.

At the G-20 meeting, the leading industrial and developing economic powers promised $1.1 trillion in lending to less-well-off countries and major efforts to clean up banks' tattered balance sheets and get credit flowing again, to shut down global tax havens, and to tighten regulation over hedge funds and other financial high-flyers in the US and elsewhere.