UN General Assembly
1979

417. We developing countries have demonstrated a spirit of conciliation in all matters relating to the international economy and to international trade. That is why we who are fighting for fundamental values such as the protection of our peoples from the scourge of under-development must not engage in divisive and fruitless struggles which, instead of bringing constructive agreement, provoke futile confrontations. 418. Guatemala also wishes to express, in this international, forum, its concern at the constant and excessive increases in the price of oil, which have a negative impact on the economies of the under-developed countries. 419- It is imperative that machinery be established which will permit the financing or the offsetting, by means of concessions, of any new increase in the price of oil which would negatively affect the economies of the developing nations. 420. The preparation of the new international development strategy constitutes the third stage in the great effort undertaken at the world level to meet the challenge of under-development.