UNITED NATIONS, New York (IRNA) -- Iran's Permanent Representative to the United Nations Mohammad Khazaii here on Tuesday underscored the need for promotion of economic status of the developing states and materialization of sustainable development in those countries.

Addressing the Second Committee of the UN General Assembly, he regretted lack of economic balance at international level and called for expansion of bilateral and multilateral cooperation among the developing states.
Expansion of economic cooperation among the developing states would help settle the existing problems facing those countries.
Referring to the failure of international monetary foundations in presenting effective plans for economic development of the developing states, the Iranian envoy called for reforms in structure of the World Bank and the International Monetary Fund (IMF).