UN General Assembly
1977

14. The critical debt problems facing the developing nations merit serious and sympathetic reconsideration by the developed countries so as to facilitate the early provision of effective and meaningful solutions during the forthcoming ministerial session of the Trade and Development Board. In the continued absence of fair, remunerative prices and the secular decline in the purchasing power of their primary exports, on which they depend, the developing countries are obliged to borrow what they are in fact entitled to earn. To that extent, international credit does not serve its developmental role. It is not inconceivable that in some cases developing countries have to incur debts in order to finance debts. 15. In the field of industrial co-operation, the effective method by which the developed countries can assist the developing countries to industrialize is to provide them with greater market access for the kind of goods in which they have an advantage. The role of industrialization, like that of agriculture, has become increasingly crucial in the satisfaction of basic needs and in the reduction of income disparities within the developing countries.