UN General Assembly
1988

The scale of debt-servicing among developing nations and the shortage of international financing represent a net transfer of resources to the outside world. This takes up a significant part of our export earnings. It severely restricts imports and makes the internal adjustment process less and less compatible with economic growth and an equitable distribution of social well-being. Restructuring of the debt has had some slight effect on the terms and conditions of payment, but it has not meant a real solution to the problem. The developing world and Latin America in particular, is calling for long-term solutions, through just and reasonable negotiations with the industrialized countries, to resolve the problem of external debt, development financing and the reactivation of the international economy.