The delegation of Panama is particularly gratified to welcome your election, Sir, to the presidency of the General Assembly at this session. We are pleased that the noble people of Africa, whose aspiration to progress is shared by Panamanians, are so well represented in this forum, with you at the head of our deliberations and another distinguished African, Mr. Kofi Annan, leading the Secretariat. We join in the congratulations conveyed to you in recognition of your capacity and your skills, as well as in the expressions of gratitude addressed to the Secretary-General for his dedication to the Organization and his tireless efforts to maintain international peace and security. To your predecessor, Mr. Didier Opertti, the Minister for Foreign Affairs of Uruguay, I also wish to convey our appreciation for the outstanding way in which he conducted our debates and his contribution to the success of the deliberations of the Assembly. My warmest congratulations, on behalf of the people and the Government of Panama, go also to the representatives of Kiribati, Nauru and the Kingdom of Tonga, States which were admitted to the United Nations on the first day of this session. This event confirms beyond question the universal and inclusive nature and purpose of this body devoted to fostering world peace and peoples' well-being. Today I am speaking on behalf of a young, proud nation that has written some illustrious pages in the history of the Latin American peoples' struggle to achieve nationhood. I am the spokesperson of a country where, according to the design of the liberator, Simón Bol'var, the first congress of the new nations of the continent took place. Here before the Assembly, I represent a State whose geographical location has given it an extraordinary role as a transit route, a country that has devoted itself heart and soul to the service of inter-oceanic transport and that, as a result, has had to wait until the end of the twentieth century to recover dominion over the whole of its territory. Along with my compatriots, I am filled with enthusiasm at the approach of the far-reaching event that is the handing over of the Panama Canal to Panamanian hands. On the eve of this tremendous event that arouses such great expectations, we must recognize the efforts of the many Panamanian men and women who, from the time we became an independent State, began the nationalist struggle to free ourselves from the burdens imposed on us by the first Canal Treaty, which was signed in 1903. Their patriotic deeds have been indelibly engraved in the history and the tradition of our people. Since its opening in 1914, the Canal has been an important symbol of our nationhood and the centre of the hopes of the Panamanian people to attain its development as a nation. The Canal, which turned us into the world's bridge and the heart of the universe, has given impetus to the economic progress of the international community in the course of eight and a half decades. The Panamanian people will now be able to participate fully in the prosperity that the inter-oceanic waterway generates because, at the threshold of the twenty-first century, Panama has determined that the Canal will be operated not only to punctually serve international trade, but also to promote sustainable human development. The administration of the Canal is therefore not simply a right, but also a responsibility that obligates all Panamanians to administer the waterway responsibly, efficiently and with absolute probity. We have prepared ourselves for this with redoubled care. The process for the legal transition of the Canal began in 1977 with the signing of the Panama Canal Treaty. That agreement recorded the commitment of the United States to transfer to Panama the administration and total control of the inter-oceanic waterway on 31 December 1999. Since then, the Governments of Panama and the United States of America have worked in harmony to bring about a seamless transition. Furthermore, and particularly since the 1989 restoration of constitutional rule, we Panamanians have agreed on the need to place the Canal above and beyond political differences. The fruit of this consensus was the fact that our political Constitution incorporates a provision for the Canal that stipulates how the waterway is to be administered from 31 December 1999. On the basis of that constitutional provision, adopted in 1994, and with the wide participation of society, we developed the Panama Canal Authority Act, which was adopted unanimously in the Legislative Assembly. Those two legal instruments, the constitutional provision and the Act, provide the necessary legal mechanisms to ensure proper operation of the inter- oceanic waterway. In recent years, the Canal has handled unprecedented volumes of traffic and cargo and has dealt with them with exemplary care and efficiency, fundamentally thanks to our precious human resources, who are almost all of Panamanian nationality. In order to guarantee its future operation, Panama is currently implementing an intensive programme of investment at an approximate cost of one billion balboas in order to modernize and improve the inter-oceanic waterway and to ensure that it is ready to cope with demand and to maintain the quality of its services. It is hoped that this modernization and improvement programme will augment the capacity of the Canal by 20 per cent. One of the priorities of the Canal Authority is to protect the environment. As the Act establishes, as of 31 December 1999 the Authority will have the responsibility of vigilance over and conservation of the Canal basin, as well as for coordinating the administration, conservation and use of the natural resources of that immense region. I should like to recognize the faultless way in which successive United States Governments have fulfilled the provisions of the Canal Treaty since it was signed in 1977. Thanks to them, it has been possible to overcome the obstacles that have been encountered over a long period of 20 years in the transfer of the inter-oceanic waterway and in the hand-over of the military bases that were established on our territory. Although there are several matters remaining for both Governments to confront, such as decontamination of certain areas designed for military use by the United States Army, my Government trusts that the differences that continue to exist on this point will be resolved satisfactorily in a reasonable period of time. The handover of the Canal to the jurisdiction of the Republic of Panama is an event of far-reaching importance not only for Panama and the United States, but for the international community as well. Consequently, Panamanians hope that the representatives of the international community will join in celebrating the commemorative events associated with the transition. Panamanians also hope that from now on the relations between Panama and the United States will be based on mutual respect, cooperation and equity in trade, in view of the tremendously strong nature of the historical, social, political and trading bonds that have joined the two nations since the last century. The benefits that control 2 over the Canal have yielded for the economy and the political standing of the United States determine that that nation should value the feeling of brotherhood that its leaders have for decades professed and truly act on them in order to begin a new period of relations with Panama that will enable us to boost sustainable human development, which is something the Panamanian people very much aspire to. In recent years, my country, like many others, has suffered the imposition of an economic orthodoxy applied more with an eye towards the interests of the major international economic sectors than to the true development of peoples, without any consideration being given to the values that underpin our nationhood. This is the real state of affairs that obliges my Government to review the orientation of our economic policy in order to promote the development of our people. We are particularly concerned with the development of rural communities. These communities make an invaluable contribution to the strength of our nationhood, but they are also the ones that have the greatest difficulties in the struggle to ensure their survival. The fundamental concern of my Government is bound up with improving the quality of life of the neediest. That objective depends to a large extent upon our efforts, but it also depends on our succeeding in opening new markets for our products and achieving greater participation for private investment in our country and greater cooperation with developed nations. At a time when the rights of women to equality and participation in the public life of nations are constantly being reaffirmed, I am proud to be the first Panamanian woman ever to receive from her people, in an unmistakeable manifestation of confidence, the mandate to serve the Republic as President. I interpret this mandate as a challenge calling on me to promote sustainable human development honestly and devotedly, in accordance with the universal political values that for half a century the Organization has been upholding with admirable persistence: the democratic system of government and respect for human rights. Consequently, I bear the heavy responsibility in following in the steps of my predecessors — exceptional leaders elected in democratic elections, such as Golda Meir, Indira Ghandi and Corazón Aquino, among others; and, in the western hemisphere, Eugenia Charles, Violeta Chamorro and Janet Jagan. They helped to realize the warranted aspiration that society should recognize women's skills and merits to share on an equal footing in the great political responsibility of presiding over a nation. For Panamanian women I represent a dream come true. In this respect, my election is a significant advance in the campaign to ensure political equality for the women of my country and the rest of the continent. However, many Panamanian women are being hard hit by poverty and destitution, an unacceptable situation that they share with children, older adults and men, whom so- called globalization takes no account of. If we wish to secure the sustainability of human life on this God-given earth, and if we wish to keep our promises as leaders, we must strive to eradicate hunger, poverty and destitution, which in my country afflict almost two-fifths of the population. If we wish to achieve these goals — which is what we were elected to do — we must root out corruption, which is the major obstacle standing in the way of achieving the lofty results that our societies expect of us. In this respect, I am pleased to assure the Assembly that Panama is doing everything in its power to put an end to the use and trafficking of drugs as well as to the money- laundering that is the result of that heinous phenomenon. We the leaders of nations have the opportunity to undertake measures that will significantly help to fashion a more just, more humane and fairer world governed by the fundamental principles of democracy, justice and liberty, for which my people, together with all the peoples of the world, have fought throughout history. I urge dignitaries and the representatives of Member States to embark resolutely on the struggle against poverty, destitution and corruption, which so adversely affect the living conditions of humankind. I would ask them to come with us to the rescue of the weak, of those who suffer unspeakable injustice and those whose way of life is threatened by invisible forces that they can neither understand nor control. My presence here is evidence of the Panamanians' firm belief in the order provided by this Organization, whose struggle to achieve equality among peoples and peace among nations dates back more than 50 years. This Organization has wholeheartedly championed human rights and battled against discrimination on all fronts. That is why we believe in the need to strengthen it, because the United Nations is the court in which the 3 voice of smaller States can be heard, as well as the ultimate champion of all of our rights. On account of the trust that my people have in the United Nations, I invite all of the dignitaries and representatives of Member States to join with us in celebrating the recovery of the sovereignty that we never resigned ourselves to losing. At this historic moment, which Panamanians wish to share with the whole of humankind, the bells of the world will ring out in jubilation because the principle of sovereignty, so often proclaimed in this and other international forums, will have been translated into reality in my country. May God, the source of all authority, guide the deliberations of the Assembly.