UN General Assembly
1989

Furthermore the magnitude of the foreign indebtedness of developing countries which in only 7 years has risen from $800 billion in 1982 to 31,320 billion in 1988 has further worsened their economic and social situations by putting a sudden brake on growth and causing an unprecedented deterioration in the living conditions of their populations. In many cases prolonged austerity programmes have led to violence and generated greater insecurity and unemployment which most severely affect the broadest and most vulnerable sectors of society. It is true that measures and initiatives have been taken to lighten the debt burden of developing countries. My country welcomes that. But we regret that such measures often exclude countries at the so-called middle-income level, like the Congo which none the less have the highest ratios of debt. However, given the gravity of the problem those measures have proved insufficient vis-à-vis long-term development objectives. They must be backed up by a comprehensive and integrated strategy in a spirit of shared responsibility in the true sense.