UN General Assembly
1980

229. When one recognizes the disparity of income between countries and the ever widening gap between rich and poor, it is evident that there is urgent need for a redistribution of wealth. Many countries have given assistance in the form of soft loans to poor countries, but the onerous conditions often imposed make it impossible at times for such loans to be taken up, and even when the conditions are met so much time may have elapsed as to cause a viable project to become nonviable. Worse still, even if the project may still be viable, because of the high rate of inflation there would be a tremendous escalation of costs which serves only to impose greater debt servicing responsibilities on the poor recipient countries. A new machinery is now needed by donor countries, consistent with the realities of the times in which we live. That machinery must substantially reduce the period in which disbursement is to commence and ensure that the necessary corrective measures are implemented at an earlier time and within the cost estimated. Without a restructuring of the lending machinery by donor countries and agencies, notwithstanding the awareness on the part of recipient countries that donors wish to ensure that their funds are properly spent and for the purpose intended, we in Saint Vincent and the Grenadines believe that the effect contemplated may not be achieved to the extent desirable to meet the needs of the recipient country as the urgency of the situation dictates.