We hope you are willing to cooperate with u us and we could find a solution in this important issue. We still refer to HIPC, where these conditions are already detailed. We agree on the general principles, but are not sure about the benefit of handling debt payments case by case. It would give too free hands to some of the developed countries, who could then tell debtor countries what to do, for example letting the investments in without restrictions. Otherwise the countries would be in unequal position, some of them dropping out totally.
Japan sees local currencies are far too unsecure.
At least most of the debt should be paid in hard currencies, which would improve the economy as well. The currency can be discussed later. We have reviewed Japan's and India's plans concerning this issue and agree with most of their points, but with a few reservations. We would like to know which points you agree or disagree with and how it will benefit your coutry. Our goal is to formulate a plan that will benefit the developing countries by putting more weight on their needs and positions.