guidedbypurelymercantile criteria andareuninterested inseeking anyotherkindcontinuation ofdemocracy dependonthedevelopment andwell-being ofthebackward (UNCTAD) reminded usthattheforeign debt-servicing ofLatinAmericatotalsmoreAW/ljb A/40/PV.27 13 (Mr.Garrett Aillon, Bolivia) Thevarious dimensions ofthesituation, takentogether, makecleartheurgent needforareappraisal ofpolicies whichmustbeadopted forthwith ifthese problems aretobedealtwith. Longerrepayment timelimitsfordeveloping countries areimperative, asare lowerorpreferential ratesofinterest. Thiswouldinvolve afinancial costwhich wouldhavetobemetbytheinternational financial community onthebasisof criteria tobeagreed upon~Therestaggering ofdebtsoveraperiodofyears,the creation ofinternational facilities tosubsidize interest charges, anddirectly relating debt-servicing totheperformance ofinternational prices, without in certain casesrulingoutasimplewritingoffofcertain debts,aresomeofthe directmeasures whichseemtobenecessary factors inanylasting solution tothe debtproblem. However, whatever measures aretakentoresolve thedebtcrisis, theywillbe insufficient toreactivate thedevelopment processifatthesametime consideration isnotgiventojointactiondirected atstimulating development through anincreased flowoffundstodebtorcountries. Inthisconnection the changeinemphasis announced bytheUnitedstateswith ~esPect toLatinAmerica's external debtcouldrepresent aturningpointinthefinancial crisisbesetting the region.Itseemstoindicate acceptance oftheargument thatpolicies directed at development willmakeitpossible fortheregiontofindmoreeffective waysof meetingitsenormous obligations deriving fromLatinAmerica's external debt, compared totheausterity policies required uptonowbytheInternational Monetary Fund(IMF). TheUnitedStatesinitiative wouldimplyalessstringent regulatory policyfollowed bytheIMFanduseoftheworldBankandcommercial banksas suppliers offreshfundsmakingitpossible forLatinAmerican debtornationsto embarkagainontheireconomic development. Nevertheless, weareconcerned that----~-----------_._-_ ..._-_._------- AW/ljb A/40/PV.27 14-15 (Mr.Garrett Aillon, Bolivia) overthemonthstocomeaslowing downoftheunitedstateseconomy couldhave graveconsequences fordeveloping countries, whicharestillsubject totheNorth's protectionist tendencies. Thesethrottle theireconomies bylimiting theirexport prospects and,consequently, theircapacity topay. Thetimehascome,therefore, totakestockandtolookatthismatterina serious andcomprehensive way.LatinAmericaistheonlyunder-developed partof thewestern world. Encouragement andassistance tcitsdevelopment istheonlyway toprevent theregionfromslipping intoeconomic andsocialdisarray. Anarchy in LatinAmerica hasalwaysbeentheantechamber todictatorship, andwehaveno alternative buttodemonstrate, withconcrete andswiftexamples, tnatdemocracy is abletoliberate peoples frompoverty andignorance.JVMI7 A/40/PV.27 16 (Mr.Garrett Aillon, Bolivia) Thegreatest andmostdecisive eventinourcentury wasthegrandiose awakening ofthenewnationsofAfrica, AsiaandAmerica. Thesuccessof decolonization was,however, theresultofacommoninternational determination whichemerged inthepost-war pe~iodinthemidstoftherealities ofcolonial power. cannotasimilar intern~tional consensus bringaboutafar-reaching reform ofworldeconomic structures? Canthecreditor nations notrealizethat,witheach passing day,external debtbecomes themostdynamic factorworking forchangein theworldeconomic order,makingpeoples awareoftheinternational injustice that prevails ~ithinthesystem? Morethandogmas, mythsandparadises, external debt isactingasthegreatcatalyst ofthewillforchangeamongpeoples. Thiswillisexpressed herefromthistribuneofthenations iandisrising likeanuncontainable tide.Thedilemma atthisdifficult anddangerous timein international relations isclear: eitherthemachinery ofworldpowerchanges the rulesoftheeconomic gamethrough ajointinternational exercise ofwill,suchas prevailed aftertheSecondworldWartoliquidate colonialism, ortheworldwillbe dragged intoafinancial holocaust whichwillnotbewithoutpolitical implications. Thisholocaust isalready underway.Iamspeaking nowonbehalfofanation thatliesrightintheeyeofthisinternational crisis. Boliviaisthecountrythathasthehighestrateofinflation intheworld. HadtheGovernment headedbyPresident VictorPazEstenssoro notintroduced anew economic policy, hyPerinflation, according toestimates, couldhaveamounted to morethan44,000percentthisyear.Thissingleexample initselfisindicative oftheabyssintowhichmycountry couldhavefallen.JVMI7 A/40/PV.27 17 (Mr.Garrett Aillon, Bolivia) ForBolivia thefallinthepricesofbasicexportproducts duetotheworld
**Analysis**
The text primarily focuses on the economic situation of Latin America, particularly the foreign debt crisis, and its impact on the development of the region. It discusses the need for a reappraisal of policies and the adoption of measures to address the debt problem, such as longer repayment timelimits and lower interest rates. The text also touches on the importance of international cooperation and the role of international organizations like the IMF and the World Bank. Additionally, it highlights the social and economic challenges faced by Bolivia and the need for international support.

**Category**
Economic development, International trade