UN General Assembly
1989

These isolated measures aimed at lightening the debt burden are generous to be sure, but they will not be as great as desired because of the harmful effect of the deterioration in the terms of trade on our economies, which will reduce our capacity to repay debt and to finance our development. We feel that the African continent must be able to enter the next century with dignity. Innovative international policies must be devised to reduce foreign debt, restore confidence among partners and strengthen co-operation for development. This is a question of ethics and justice. What we have always asked of our partners - without failing to acknowledge the need to repay debt - especially in the case of the least developed countries, is that moratoriums be arranged, that repayment be extended over more realistic periods, and that interest rates be renegotiated, taking into account our actual ability to pay.