UN General Assembly
1989

Devastating debt burdens have for too long hampered growth and development in third world countries. It is now vital that the debt burdens be reduced to sustainable levels. We therefore fully support the view that debt reductions must occupy centre stage. The international community now recognizes the need to reduce the debt overhang. However, our strategy will succeed only if it is fully implemented. The readiness of commercial banks to play their part remains vital. We are concerned about reports that the banks are now failing to make new capital available for developing countries and thus to live up to their responsibilities under the Brady Plan.