UN General Assembly
1978

We will need more understanding, greater political resolve and imagination in the months ahead as we approach the fifth session of UNCTAD in May of next year and the special session in 1980. The United Kingdom recently decided that, as part of our aid policy, we would take immediate steps to relieve the debt burden of the poorest countries. The total amount of principal and interest involved in some £900 million, or $1.8 billion. This was a decision to give practical expression to the agreement negotiated within UNCTAD. It reflects our willingness to take action to show low genuine compromises can be achieved within the North-South dialogue. So far seven countries have taken a similar decision. For us it was a tough, political decision, which will undeniably cost jobs at home and be a charge on our balance of payments. There is no comfortable solution. Politicians will have to fight for these measures in the world; and then defend them at home.