As host to APEC this year, Malaysia feels a strong sense of responsibility that the meeting should help tackle the current economic problems. As we approach a new millennium, it is imperative that we devise and put in place a better economic and financial regime now referred to as architecture for the world. Some of these will be the result of technological progress but others will reflect the emergence of new commercial and sociological ideas and values. With your indulgence, I would like to take this opportunity to discuss the present architecture or lack of it as manifested by the anarchical and unregulated capital flows in the international monetary system. In doing so we must not be tied down by fanatical beliefs which act as mental blocks to our recognition of the facts involved.

Let me give you a brief overview of the schedule and just briefly on the security part. You’ve all already heard from Ken Lieberthal earlier, so I won’t spend a lot of time on the specifics.

It gives me great pleasure to convey my warmest greetings to all who have gathered from around the world to continue this historic process. I would like first to express my gratitude to President Carlos Menem and the people of Argentina for hosting this Conference, which demonstrates yet again their abiding commitment to the United Nations and to human well-being in general. I would also like to salute all the other Heads of State or Government, distinguished delegates, colleagues from the United Nations system and other participants for coming together, in a spirit of partnership, to continue this vital work, which means so much to the world's people.

We are now just a few days away from 1999, which will mark NATO's 50th anniversary year. We are also just a few months away from a historic NATO Summit in Washington.

We welcome Brazil's announcement of a strong fiscal adjustment program to strengthen Brazil's public finances. It is essential that Brazil implement their program promptly and convincingly.

The Secretary-General wishes to express his deepest condolences to the families of the victims of Hurricane Mitch and to their governments. His heartfelt sympathy goes out to all those who have been touched by this disaster. The Secretary-General urges the international community to show the utmost generosity in the aftermath of the hurricane, which has left thousands dead and several hundred thousand suffering throughout Central America.