UN General Assembly
1990

The absence of growth in developing countries, massive migration, low living standards which encourage drug trafficking and violence, acquired immune-deficiency syndrome (AIDS), transboundary industrial pollution: all of these are threats confronting mankind. A new deal consisting of debt reduction, technology transfer, credit lines, direct investment and access to markets seems to be the answer for countries caught in a vicious circle of retrogression, sociopolitical instability and financial crisis. External indebtedness stands in the forefront. In our view, there is an urgent need for imaginative debt reduction, including schemes aimed at preventing further polarization between creditors and debtors and at reintegrating debtors into the world economy and world trade.