UN General Assembly
1983

156. I wish to stress in particular the gravity of the developing countries' external debt to the developed countries, which has become a fundamental world-wide problem. A solution of that problem depends on halting the deterioration of the situation in the developing countries and in achieving world economic stability. We consider it necessary to cancel the debts of the poorest countries and to reduce the debts of other countries proportionately with their per capita national income and reschedule them over a longer period of time, interest- free or at a low rate of interest. As an interim measure, one could consider postponing the external debts of developing countries for two or three years, interest-free or at a low rate of interest, and then to hold negotiations between borrower and lender countries in the framework of a conference to find adequate solutions.