these debts. The situation could threaten to collapge the very foundations of the international financial and monetary system. JVM/13 A/S-18/PV.6 56 (Mr. Al-Shakar, Bahrain) As a result, :it has becotn:! universally acknowledqed that there exists a vital need for a oompr.ehensive international strateqy to cope with the crisis of foreiqn debt, since the cunent international initiatives in this reqard have not yielded decisive results. Experience leaves no doubt that any effective solution of the crisis requires both the debtee and creditor Governments to participate in neqotia tions. Durinq the 1980s, countries recoqnized, collectively and individually, the urgent need for international co-operaticn towards the adoption of promPt and concerted action to prevent an ecoloqical disaster, preserve life on Earth and to seek to put an end to those activities and factors that aqqrava te the deqrada tion of the environment. Since the universality of this danqer is an indisputable fact, international co-operation can contribute qreatly towards avertinq the threats to the environment. The international oommunitv 's realization of the magnitude of these hazards in callinq for the conveninq, in 1992, of a United Nations conference on the environment and development comes as an imoortant, 'POsitive step in the riqht direction. The link between disarmament and development has become universally acknowledged. There is no doubt that the relaxation of tension between East and West and the mutual cesire to reduce military expenditures on the part of the two super-Powers and rival blocs will open up possibilities for the channellinq of resources from mili·tary expenditures to socio-economic development. The success of such a process will no doubt release financial resources that can contribute to the developnent of the developinq countries. All indications suqqest a continued slow-down in the world economy in the 1990s, unless effective measures are taken promptly to correct its course and 
**Analysis**
The text appears to be discussing global economic issues, including foreign debt, international cooperation, and the link between disarmament and development. It also touches on the topic of environmental concerns and the need for international action to address these issues. Given the focus on economic and financial topics, it seems likely that the text belongs to categories related to these themes.

**Category**
Economic development, International trade