UN General Assembly
1982

of which represents the combined military budgets of the United States, the Soviet Union, China, France and the United Kingdom. This daily arms expenditure is equal to the sum total of the annual budgets of UNDP, the World Food Programme, UNICEF, UNRWA and UNFPA. And, one further comment, compared with the over $380 billion spent each year on military budgets, the $21 billion in direct aid, the $80 million from the World Bank, the $24 million from the Inter-American Development Bank and the $67 million from the International Monetary Fund seem paltry amounts. The $825 million of United States financial assistance to the Caribbean and the Soviet Union's $1,856 million to Cuba, North Korea and Viet Nam are even more insignificant. These figures speak for themselves. The subject of the North-South dialogue is perhaps one of the few on which we all agree: we have failed miserably. Since 1973, the year of the oil embargo and the floating of the principal currencies, the United Nations as an institution, its Members and the decade's most