It gives me great pleasure to congratulate Ambassador Ganev of Bulgaria on his election to the presidency of the forty-seventh session of the General Assembly. We are confident that he will conduct the work of the session wisely and effectively and we take satisfaction in the bonds of friendship and mutual cooperation between our two countries. I should like on this occasion to pay tribute to Ambassador Samir Shihabi for the sagacious leadership and courage he demonstrated in presiding over the forty-sixth session of the General Assembly. He indeed deserves our deep thanks and appreciation. I have pleasure also in extending warm greetings to the Secretary-General, Mr. Boutros Boutros-Ghali. We commend the resolve and ability he has shown in steering the work of the Organization over the short period of time that has passed since the start of his mandate and his declared intent to make the United Nations more compatible with the political changes that have taken place in international politics and the resultant increasing demands upon the Organization in the areas of peace-keeping, peacemaking, development and humanitarian assistance. I am duty bound to extend our esteem and appreciation also to Mr. Javier Perez de Cuellar, the former Secretary-General of the United Nations, for his able leadership of the Organization's work for 10 years and for the sincere concern he showed over the suffering of Lebanon during its protracted agony. Lebanon, a founding Member of the United Nations, welcomes the new Member States and considers their membership to be an enhancement of the Organization's universality, credibility and significance. Over the past few years, the world witnessed a series of historic events that have led to a fundamental transformation in international relations. With the collapse of ideological barriers, the cold war has come to an end and thus dialogue, cooperation and realism have taken the place of confrontation, alliances and mutual mistrust. New States have emerged, many political systems have changed, and some States have opted for more open economic policies. Throughout the world, all of this has generated a feeling of movement and given rise to expectations and optimism. These changes and new realities have had a direct impact on the status of the United Nations and its role in dealing with regional and international problems as the atmosphere of dentente has created more and better opportunities for the Security Council to deal more effectively with world problems and to adopt resolutions and implement them. The increased need for the United Nations system and its mechanisms has necessitated the structural modernization of the Organization in order for it to improve its performance at all levels. The dramatic transformations that have taken place in the world have provided humanity with an opportunity to tackle its economic and social problems and to move forward towards the building of a better world, based on a collective commitment to peace, interdependence in the face of crises and partnership in working for development and progress. While the Middle East region still continues to suffer from its chronic problems, a gleam of hope has appeared in the midst of the world's changing realities. A serious peace initiative has shaped up, starting with the convening in Madrid of a special peace conference on the Middle East on 30 October 1991, under the auspices of the United States of America and the then Soviet Union. In response to the letter of invitation from the co-sponsors of the conference, and on the basis of the United States letter of assurances which specified the necessity of fully implementing Security Council resolution 425 (1978) and of fully respecting and preserving Lebanon's independence, sovereignty and territorial integrity within its internationally recognized borders, Lebanon has participated in the peace conference wholeheartedly and with clear determination. By so doing, Lebanon has committed itself, irrevocably, to the pursuance of the peace process within the principles and parameters upon which it has been based and through which the process is expected to achieve its objectives, especially the objective of comprehensive, durable and just peace, and the settlement of the the Arab-Israeli conflict in all its aspects and with all its complexities. Lebanon cannot help but be involved in this process of comprehensive peace on the basis of Security Council resolutions 242 (1967) and 338 (1973), and the land-for-peace formula. Given its history, cultural heritage and geographic location, Lebanon, since time immemorial, has played a major and outstanding role in the cultural development of this important region to which it belongs and of which it is an integral part. It influences what happens in the region and is greatly influenced thereby. Hence, Lebanon's complete solidarity with its Arab brethren and its involvement, side by side with them, in the search for real peace. We must recall here that Lebanon has borne and continues to bear the consequences of the ongoing Arab-Israeli conflict. Let me mention, in this context, a few of the major aspects: First, the presence of hundreds of thousands of Palestinians in Lebanon. In this respect, let us reaffirm, once more, our total and absolute rejection of the settlement of Palestinians on the soil of Lebanon. This is against our national interest, on the one hand, and, on the other, contravenes the principle of self-determination. Secondly, the Israeli attack against Beirut International Airport on 28 December 1968. Thirdly, the invasion of southern Lebanon by the Israeli army in 1978. Fourthly, the massive full-scale Israeli invasion of Lebanon in 1982, which reached Beirut itself, the only Arab capital ever occupied by Israel. Fifthly, no less than 150,000 fatalities and more than 400,000 injured or disabled over the past 16 years of bloody events in Lebanon, in addition to the billions of dollars worth of material damage resulting from destruction and devastation not to mention the human misery resulting from migration and displacement. Sixthly, the continued occupation by Israel of parts of Lebanon's territory in the south and the western Bekaa. That occupation in itself, together with the attendant Israeli practices and acts of aggression, constitutes flagrant violations of the principles and norms of international legality. Herein lies the importance of implementing Security Council resolution 425 (1978), which calls for Israel's complete withdrawal from the occupied Lebanese territories. Lebanon has always emphasized the need to implement that resolution through the mechanism referred to in Security Council resolution 426 (1978), as Israel's withdrawal from all occupied Lebanese territories would create the propitious conditions for Lebanon to regain its strength and stability, so that it may contribute fully and effectively to the peace process and, subsequently, carry out faithfully and scrupulously the commitments resulting from that process. We believe that if Israel were to allow the United Nations Interim Force in Lebanon (UNIFIL) to perform its significant role properly, as mandated by the Security Council, UNIFIL would be able to discharge its mandate more effectively and successfully. To enable UNIFIL to do that would be to reaffirm and highlight the increasingly important role of the United Nations in peace-keeping. Hence our call for demonstrating the prime importance of the participation of the United Nations in the peace process as it is the accredited representative of international legality whose relevant resolutions constitute the very foundations of the peace process. The Lebanese army which has been reorganized and regrouped on a sound and effective basis has regained its ability to perform its duty in extending the authority of the Lebanese State over our entire national territory, up to the internationally recognized Lebanese borders. The Lebanese authorities are prepared to shoulder their full responsibilities with regard to the maintaining of law and order and ensuring that the south of the country becomes an oasis of peace and security under the rule of law and in cooperation with UNIFIL. The Lebanese delegation to the peace conference has received assurances from the Israeli delegation in the name of its Government to the effect that Israel does not have any territorial ambitions or designs on the land and waters of Lebanon. This gives us hope that Israel will translate those assurances into concrete actions by withdrawing completely from all the Lebanese occupied territories. Lebanon strongly believes in the right of all parties to mutual security, provided that the security of any one party is not achieved at the expense of another's. Proceeding from the foregoing, we declare from this rostrum and before this Assembly that the Lebanese Government and people are fully committed to the peace process and are determined to go ahead, regardless of the difficulties. We shall spare no effort in ensuring success for the peace process so that it may achieve its lofty goals. We in Lebanon attach great importance to the peace talks and realize that their success will be in the interest of all. We are aware also that to proceed in the opposite direction will be a blunder for which the region and the whole world would pay very dearly indeed. The Lebanese Government continues to address the tremendous problems and to face up to the challenges that confront Lebanon after years of devastating strife. It has taken major steps towards rebuilding its constitutional institutions in accordance with the Taif Agreement and, for the first time in 20 years, has organized national parliamentary elections. The main task that now faces the Lebanese Government is that of rebuilding the infrastructure of basic services and the vital sectors of the economy. Our economic sectors still suffer from the destruction caused by war and invasion, and the Lebanese people continue to feel the horrendous effects of galloping inflation due to the decline in the purchasing power of the national currency. The State budget is in the grip of a huge deficit owing to the loss of basic sources of national income such as tourism and the service sector. Regional crises, the latest of which was that of the Gulf, have also had sharp negative repercussions on the country. The Lebanese still await the honouring of regional and international promises of help in revitalizing their national economy. The delay in supporting the reconstruction and development efforts that are already under way is very regrettable, particularly since in previous years hundreds of millions of dollars were poured into Lebanon to fuel the devastating strife and keep its flames alive. The revitalization of Lebanon's economy would be an excellent investment in the future of the region. Lebanon and the Lebanese have played a pioneering role in modernizing and developing the region, and they still have the dynamism and ambition to play anew that same constructive role. At this critical juncture the Lebanese economy is in urgent need of foreign financial and technical assistance, whether from fraternal or other friendly countries or from United Nations agencies and other organizations. A quick and effective investment in the order of billions of dollars is needed. Lebanese laws and regulations ensure for foreign capital funds and investments a free and open working atmosphere, the same atmosphere that, previously, had made Lebanon an important business and financial centre which attracted international investments and financial establishments of all kinds. We look forward to the establishment of the Arab and international fund for the reconstruction and development of Lebanon, as it represents the promised and effective initiative needed to revitalize the Lebanese economy and set it on course anew. Despite the disappearance of a considerable number of international problems, a number of national problems have re-emerged to take their place after having remained dormant for half a century. The disintegration of the Soviet Union and Yugoslavia and the resultant conflicts are prime examples. In this regard, we denounce and condemn the aggression against Bosnia and Herzegovina which targets that republic's very existence. This aggression has caused the death of tens of thousands of innocent victims and the displacement of hundreds of thousands of civilians. This tragedy requires decisive action on the part of the international community to stop the military operations, to preserve the independence and sovereignty of this young republic and to return all displaced persons to their homes and properties. We commend the humanitarian role of the United Nations Nations in providing relief assistance to the besieged towns in Bosnia and Herzegovina, in the face of considerable difficulties and dangers. Equally, we commend the sincere and persistent efforts made by the Organization and its specialized agencies to bring food supplies to the people of Somalia in their plight. We call upon the international community to redouble its efforts to put an end to the distressing human tragedy in that country. Thus far, the world economic situation and the relations between the developed and developing countries have not been positively affected by detente or by the political changes that have taken place in the world. The problems of foreign debt, the shortfall in development assistance, the rise in interest rates and the continued trade barriers all constitute serious obstacles to development in the South, whereas the developing countries are in urgent need for development if a decent standard of living were to be ensured for the overwhelming majority of mankind and if the prospects of world peace were to be guaranteed. The Rio de Janeiro Earth Summit last June highlighted the relationship between environment and development. There has been an increasing awareness over the past decades of the dangers that threaten the ecological balance and the future of life on the planet. The achievements of the summit were a promising start toward a series of wide ranging changes in the production and consumption patterns that countries must adopt with a view to avoiding climatic changes, depletion of the ozone layer, the spread of desertification, and air and water pollution as well as managing toxic wastes and radioactive materials. Here too, interdependence and shared responsibilities appear to be the only option available to us in our dealings with nature and in our attempts to achieve sustainable economic growth. While we welcome the resolutions adopted at the Rio Conference, we entertain the hope that the necessary funds will be made available to Agenda 21 for the 21st century, which will help ensure the well-being of future generations as well as the future of life on earth itself. The Government of Lebanon continues to pursue its policy of eliminating the traces of the tragic and devastating period that engulfed the country. During this year, we have managed to put an end to a problem that was associated with the name of Lebanon: I refer to the question of hostage taking. This solution was achieved thanks to the praiseworthy efforts of the Secretary-General and his personal representative, Mr. Picco, and with the cooperation of the parties concerned in the region. Lebanon has always condemned this phenomenon, for it contradicts the basic principles of law and human rights. Such abnormal practices never served or sought to serve the interests of Lebanon. Indeed Lebanon has always been their victim. For many years, the mention of Lebanon or "Lebanonization" evoked images of fragmentation, devastation and human misery. Today, however, despite all its difficulties and sufferings, Lebanon stands before the international community as an example of steadfastness, rebirth, creative coexistence, and diversity within unity. All of these qualities made Lebanon what it was in the past and what will make it what it will be in the future: an oasis of prosperity, openness and a beacon. This is our plan for the Lebanon of tomorrow. To realize it, we expect support and backing from our brethren in the region and from all of our friends in the world.