UN General Assembly
1989

In the process of preparing both the development strategy and the special session emphasis should be on the development of human resources in all forms, including the recognition of a well-functioning private sector in balance with an effective public sector. In that context funding generated by national and international sources should be well co-ordinated. The necessary investments in developing countries require increasing domestic and external financing. The debt overhang has resulted in the transfer of resources from developing countries, which exceeded $US 50 billion last year, a trend that should be reversed. This requires that a political solution, including a functioning debt strategy, be found. The debt overhang cannot be overcome by the international community at the upcoming special session of the General Assembly and in the new international development strategy. It would be important for the efforts to reverse the transfer of resources from the developing countries if the target of 0.7 per cent of gross national product as development-and transfer were generally reached. For its part, Finland will this year reach that target set by the General Assembly.