UN General Assembly
1971

179. As a result of the policy of neo-colonialism, the foreign indebtedness of the developing countries exceeds $60,000 million. For example, in Latin America 87 per cent of the new loans is now being used to pay off debts from previous loans, while in Africa the figure is 75 per cent and in eastern Asia it is over 50 per cent. Payments for so-called aid from Western Powers have risen during the first Development Decade more than three times as fast as the output of the gross national product and more than twice as fast as the export earnings of the developing countries. 180. It is the fault of the Western countries that the principles of international trade approved by the first session of the United Nations Conference on Trade and Development have not been applied. The Western States continue to adhere to restricted trade groupings and to discriminate against other countries.