UN General Assembly
1976

172. All those measures, however, would seem inoperative given the problems of the external sector of our economics and, in order not to appear to exaggerate and since facts offer eloquent grounds, let us examine the experience of Latin America in the last few years and the forecasts prepared by the Organization of American States for the external sector of the region. It is mentioned in the report of the Inter-American Economic and Social Council that the unfavorable balance of non-financial goods and services of countries which did not export oil rose in 1975 to $8 billion. If to this we add payments to service the external debt, the needs of external financing resources amounted to some $15 billion. For 1976 it is estimated that the probable flows of funds from multilateral and bilateral sources of official development assistance plus support to the balance of payments would hardly exceed $4 billion. Assuming that reserves are used in the amount of $2 billion, the debt to be financed through non-favored financing would be approximately $9.5 billion.