UN General Assembly
1986

Egypt's responsibility as a developing country dictates that we pause to mention a major problem that concerns us all, individually and collectively, rich and poor, developed and developing alike: the exacerbation of the problem of indebtedness, high interest rates, continued fluctuations in exchange rates, the spread of protectionist practices in the developed countries, the sharp fall in the prices of developing countries' exports of raw materials and commodities and the deterioration in their terms of trade. In that regard, I pay a tribute to the responsible position adopted by the eighth summit meeting of the non-aligned countries at Harare in dealing with the debt problem. The debtor countries have confirmed that they will honor the obligations they have contracted, while setting a framework for those obligations -namely the framework of co-responsibility, which requires the co-operation of the creditor countries and the monetary and financial institutions with the debtor developing countries in coping with the problem, which threatens the international economy as a whole.