UN General Assembly
1963

Private capital in its traditional form, the International Bank for Reconstruction and Development with its present terms of reference, and technical assistance alone cannot provide the answer to our appeal for the liquidation of glaring social inequalities. Our only salvation lies in action which raises the national income or, in other words, helps to increase production. Such results are only achieved by improving methods of production. This in turn can only be done through savings, but savings are non-existence because income is low, and income is low because savings for investment are very low. My delegation believes that the problem of financing infrastructure development —and thus the problem of the Special Fund or of strengthening the Special Fund- must be solved at this session of the General Assembly outside the classic rules of capitalist financing.