UN General Assembly
1972

159. We have established a development fund with an initial capital of over $100 million to assist the countries of the region in their plans of development. Over and above this, we are also ready to contribute, within the limits of our means, to the various international and regional development activities undertaken by the United Nations and its specialized agencies. 160. There is undoubtedly a close link between the problems of development and disarmament. If only a fraction of the billions being squandered on the arms race were diverted to the urgent needs of the developing countries, then the whole depressing picture which con-fronts us today would be transformed beyond recognition. For this reason we support the convening of an inter-national conference on disarmament, with a view to the reduction and ultimate elimination of all weapons of mass destruction. 161. An event of great importance this year has been the adoption of the Declaration of the United Nations Conference on the Human Environment and the machinery being established to put into effect the principles and aims of that Declaration.