UN General Assembly
1983

15. The heavy burden of indebtedness of the third world nations endangers the health and the future of the world economy. Several developing countries, including Costa Rica, have shown an unprecedented sense of responsibility in imposing upon themselves austerity programmes which in many cases endanger their political and social balance. For example, Costa Rica has managed to control inflation. At the beginning of 1982 the inflation rate was 85 per cent per annum, and it has now been reduced to 17 per cent per annum. It has acted similarly to tackle the phenomenon of currency devaluation. Our exchange rate in 1982 was 64 colones to the dollar, and today it is 44 to the dollar. All this has been done at a high social cost which has tested the strength of our democratic institutions. This has taken place, and is taking place, during critical times, when the contraction of international trade, the marked deterioration in the prices of primary commodities and the ruinous terms of trade all work against us and the sacrifices that have been accepted by our people. Today, when the poor nations give daily proof of their good will and sense of responsibility, North and South must work together to formulate a new pattern of international economic relations so as to bring about justice through equitable distribution of the fruits of progress, giving new momentum to the process of development and also distributing responsibilities equitably.