UN General Assembly
1990

The debt problem, which emerged in almost all developing countries in the early 1980s, has since grown out of proportion and is now threatening to disrupt the social order and political stability of many third-world countries. Despite the endless and strenuous adjustment efforts and debt rescheduling by these countries, the prevailing international financial and monetary system makes it virtually impossible for the affected developing countries to cope with the burden. In his annual report on the work of the Organisation for 1990, the Secretary-General points out that in 1989 alone $26 billion was transferred from the developing to the developed countries. This alone is a serious impediment to the efforts of the developing countries and must be stopped and reversed. A number of new initiatives are in place, but what is required is a new, vigorous and dynamic debt strategy. Such a strategy must include debt cancellation as well as substantially increased resources.