UN General Assembly
1977

242. The expansion since 1970 in external aid to the least developed countries has been offset by a decline in the purchasing power of their exports. A further substantial increase in the financial flows to these countries is, therefore, essential with emphasis on grants and concessional loans. In my previous statements to the General Assembly I made the proposal that the assistance for international development should be conceived of as international taxation of the rich developed countries. I reiterate my proposal, the relevance of which has by no means been lost in the present context.