The overall picture of how the world economy has developed over the last decade is quite a varied one. Despite the stable economic qrowth of a number of developed countries, for the overwhelminq majority of States in the third world this period has been rightly called "the wasted decade". It seems to us that makinq the economic relations between the developed and the developinq countries nnre just is impossible if we are to use the old system. Chanqes are needed in the model of co-operation between North and South. These relations must be based upon mutually beneficial co-operation desiqned to establish foundations of effective national economies for the developinq countries throuqh the application of science and technoloqv in production, so that they can acquire scientific and technological potential to match their other potentials. Unless BHS/jq A/S-18/PV. 5 19-20 (Mr. Byambasuren, Mongolia) there is development of independent national scientific and technical potential there can be no question of economic independence and just economic relations. In establishing a new system of international economic co-operation, the main focus now should undoubtedly be on the problem of settling the foreign indebtedness crisis of the developing countries, which has reached catastrophic proportions. New apProaches to this problem have recently emerged. In our view, implementation of President Gorbachev's proposal to establish a world-wide long-term moratorium on debts is very important. Also noteworthy was the initiative of the Philippines for establishing an advisory commission on the problems of indebtedness and development. Our delegation shares the view that the plan of the United States Secretary of the 'I'reasury is basically a step in the right direction towards resolving the debt crisis. Commendable, too, are the efforts made by a number of States to write off or reduce debts and debt servicing for some developing countries. Mongolia supports the mission of a special rePresentative of the 
**Analysis**
The text discusses the economic development of the world over the last decade, highlighting the disparities between developed and developing countries. It emphasizes the need for a new system of international economic cooperation, focusing on the debt crisis of developing countries and the importance of scientific and technological development to achieve economic independence.

**Category**
Economic development, International trade