solution. Itbehoves eachoneofustoshoulder ourshareoftheresponsibility in ordertoachieve results. Asolution whichisbasedonlyo'neconomic formulations isdoomedtofailure, because onlyonethattakesaccount ofhumanandsocialfactorswillopenupthe waytoaglobalsolution. Agoodagreement musttakeintoaccount thepotential of LatinAmerican material andhumanresources, butalsotheconstraints ofits Umitations. Thepeoples ofLatinAmericacannotbepressured totheliroitof theircapacity. Totrytopushourpeoples beyondwhattheycanendq~eisto ~~.-~.. threaten theveryfoundations ofoursocieties. Thefeeling th~~thetimehascome fordemocr~cy andhumanrightsisvibrant inLatinAmer.ica anditwouldbe shortsigh~d tofrustrate itbynotprOViding eoonomic pathsmoreintunewithour needs. LatinAmerica mustsatisfy theneedsofitspeople through economic growth, andforth~titisnecessary th~tinaddition tocontributing, withdignity ourown efforts, \'f~.receive moreco-operation fromthetwoothermajorprotagonists inthe solution.»I/rd A/40/pv.10 9-10 (President ArditoBarletta) International banking hasundertaken amajoreffortinrefinancing, butit mustberecognized thatinthelasttwoorthreeyearssufficient resources have notbeentransferred toLatin luu~dca: whichhasman.thesituation worse. we cannot th~nkthattheregioncan~ntinue withanegative nettransfer of resources. Thatisnotthewayinwhichanycountry hasachieved developmsnt. It isessential toadoptpolicies thatreduceinterest rates,whichareveryhighin realterasandwhichconstitute aheavyburdenonourbalance ofpayments, limiting thecapacity oftheeconomies oftheregiontogrow.ThepeoplesofLatinAIIIerica willneverunderstand thattheyareworking merelytopayinterest. ,,,0.A/40/PV.10 11 (President ArditoBarletta) Ontheotherhand,itisimportant fortheindustrialized countries toachieve arateofeeonOllic development ofatleast3or4percentperannuminrealterms, andtokeeptradeasopenaspossible sothattheymaybuyourproducts andwe theirs;thatistheonlywaytoiny"gora~ theworldeconomy. Afterthreeyearsofexperimentation thetimehascometore-define therules ofthegameandtosetgoalswhichwillenableustoresolve twocrucial points: economic growthwithgreatersocialwell-being, anddebtpayment ondifferent terms. Weareawareofmanyseriousstudies whichhaveexamined constructive and appropriate alternatives withaviewtoreaching bettersolutions. Ifwemust furtheradjusttooursituation, thenletusalldoso,developed anddeveloping countries alike,sothatbygivingfreereintonewcreative energies wemay respond totheneedsofourpeoples. Thereinliesthechallenge weallface,forpeaceandsecurity inLatin America dependonourbringing concrete solutions totheneedsofourpeoples and onourmeeting theirlegitimate demands forimproved livingstandards, forafull exercise ofdemocracy andforgenuine respect fortheirfreedom anddignity. We cannotthinkofpayingthedebtatthecostofourpeoples believ'inCj thatprogress andhappiness arenotpossible intheLatinAmerican democracies. We,theleadersofLatinAmerica, willnotacceptbeingfacedwiththedilemma ofchoc~sing between keeping faithwithourpeoples andpayingthedebt;forwewill keepfaithwithourpeoples. Suchadilemma wouldaffectusall,debtors and creditors al!ke;thus,itisobvious thatitisforallofustomakethechoice whichwillbeofbenefit tousall.Itisourresponsibility toguideourpeoples alongthepathofprogress, freedom, democracy, opportunity andsolidarity.915/4 A/40/PV.10 12 (President ArditoBarletta) Goodeconomic andsocialhealthinLatinAmericaisadvantageous tothe industrialized countriel\, inparticular thoseoftheAmericas. Ourirtterests are .:-;. complementary~ justasourefforts toachieve well-being, security andpeaceshould bejointefforts. Ibelieveitnecessary toapPealtotheconscience andhistoric responsibility ofMinisteLs, headsofcentral banks, andtheorganizations whichwillSOOnmeetin Seoul: Thetimehascomefornewdecisions oninternational financing9 tradeamong countries, anddevelopment; toactnow,withasenseofbalance andresponsibility, willresultingreater success forall,withalowerpolitical andsecurity cost. Theroadtopeacedepends ontheiractionnow. IwishnowtClspeakofourl,fforts tocontributetopeace-making inCer:tral America. Wehavecomealongwaytowards honingtheContadora ActforPeaceand Co-operation inCentral America tothepointatwhichitcanbesignedbyall parties. TheGovernments ofColombia, Mexico, Venezuela andPanamahavereceived manyexpressions ofsolidarity andsupport fromtherestofLatinAmerica, and recently, inmoreconcrete terms,fromtheLimaGroupmadeupofArgentina, Brazil, PeruandUruguay, fromtheUnitedNations, fromtheOrganization ofAmerican States, fromtheNon-Aligned Movement, fromtheEuropean Economic Community, and fromtheinternational community ingeneral. Butwehavereached thepointat whichweneedmorethanmereexpressions ofsupport. 111truth,veryfe",pointsintheActarestillunderdiscussion, and differences ofposition havebeenconsiderably reduced, tothepointatwhicha
**Analysis**
The text discusses the economic development of Latin America, highlighting the need for a global solution that takes into account human and social factors, rather than just economic formulations. It emphasizes the importance of reducing interest rates, increasing economic growth, and achieving a rate of economic development of at least 3-4% per annum. The text also touches on international cooperation, debt payment, and the need for a balanced approach to achieve peace and security in the region.

**Category**
Economic development, International trade