June 26 (Reuters) - A U.N. conference on the global financial crisis adopted a resolution on Friday urging reform of the global economic system and financial organizations like the World Bank and International Monetary Fund. [ID:nN26351379]

Washington joined the more than 140 other countries at the conference in backing the resolution. However, U.S. Deputy Ambassador John Sammis said after it was adopted that the United Nations lacked the authority and expertise to carry out any such overhaul.

Following are excerpts from the 15-page resolution.

DEBT RELIEF

"We affirm that the appropriate measures must be taken to mitigate the negative effects of the crisis on the indebtedness of developing States and to avoid a new debt crisis. In that regard, we support making full use of the existing flexibility within the Debt Sustainability Framework."...

"We call upon States to redouble efforts to honour their commitments regarding debt relief."

SDRs

"We recognize that increases in global liquidity play a useful role in overcoming the financial crisis. Therefore, we strongly support and call for early implementation of the new general special drawing right (SDR) allocation of $250 billion."

FOREIGN CURRENCY RESERVES