Local December 28, 2011 | 6:01 am

Dominican president given UN anti-speculation resolution

Santo Domingo.- The president of the 66th session of the United Nations General Assembly, Nassir Abdulaziz Al-Nasser, has formally handed president Leonel Fernández the resolution approved by the UN against the volatility of food and fuel prices on the international markets.

The initiative, which received support from a wide range of international leaders, was promoted by the Dominican president with the aim of preventing speculation on food and fuel prices.

The resolution highlights the need to adopt measures for preventing “the excessive volatility of food prices, while recognizing that their causes are not yet sufficiently understood and need further study”.

During a ceremony at the National Palace yesterday, Nassir Abdulaziz Al-Nasser defined the initiative as a constructive contribution to the UN General Assembly and that through its approval the Dominican Republic has shown that all nations have important leadership roles to play. President Fernández defined it as a triumph for humanity.

The Dominican leader declared that although the approval of the initiative does not represent a solution in itself, it “paves the way” towards regulating the problem of speculation.