4 New York Prince Saud said Saudi Arabia had waived more than $ 6 billion in debts which were to be paid to the Kingdom by poor countries. He urged the industrial countries to honor their commitments towards the assistance of the poor countries and to unconditionally open their markets for facilitating imports from the developing countries. Prince Saud highlighted the Kingdom's role in the stabilization of the petroleum market in a manner that serves both producing and consuming countries, and positively contributes to the growth of the world economy. He hoped that the procedures pertaining to the admission of the Kingdom of Saudi Arabia to the World Trade Organization would be completed before the end of this year. Meanwhile, Prince Saud underlined the importance of revision of the working styles of the UN so as to enable it become capable of not only preservation of peace, but also of making peace. 'The important reforms in this respect should include the pledge of the permanent members of the UN's Security Council to refrain from resorting to the right of veto for blocking resolutions and procedures that aims at the implementation of previous resolutions,' he elaborated He called for creation of balance between the UN's General Assembly and the Security Council, and enhancing the role of the Economic and Social Council. Prince Saud underlined the importance of closing ranks for settling the world's aggravated problems.--SPA 1321 Local Time 1021 GMT www.spa.gov.sa/290606