40yearsoffurthering economic, socialandcultural development. Butsomemayask "Havetheybeen40yearsofadvancement orofretrogression orstalemate? Hasit beenaperiodofcontinuing confidence andhopeinthefutureoftheworld,orone ofdespair overaworldseemingly stilltornapartbyitscontradictions?" Whenheaddressed thecommemorative meeting inSanFrancisco earlierthis year,oursecretary-General boldlyfacedthatquestion, andlistedanumberof areasinwhichthemultilaterialism embodied intheUnitedNations provides the necessary structure withinwhichnations canworktogether forprogress thatno nationactingalonecanaccomplish. Hewasnotoverstating theroleoftheUnited Nations whenhedeclared thatfor40yearstheOrganization hadprovided the catalyst, theframework andthemachinery forthecontinued commonengagement in thebetterment ofthehumancondition uponwhichthepeaceoftheworldhas depended somuch. TheRepublic ofTrinidad andTobagorecognizes andapplaUds theinvaluable achievements oftheUnitedNations, whichhavebeenarticulated bythe Secretary-General andseveral representatives whohaveaddressed theAssembly. Thereis,infact,clearevidence inmanypartsoftheworldthatseveral ofthe objectives setoutintheCharter havebeen,orarebeing,realized. Wemaytake muchsatisfaction inthoseachievements. Butthisisnotanoccasion only,oreven primarily, forsel~-congratulation. Wemustbeequally candidinacknOWledging that,despite ourefforts, solutions tomanycontentious issuesstillseemtobe elusive andthatmuchmoreworkremains tobedone.Manyoftheobjectives and purposes oftheCharter havebeenonlypartially achieved, andtheconsequent disappointment hastendedtoengender frustration anddisillusionment andtoretardJP/lib A/40/PV.l7 33 (Mr.Mahabir, '1'rinldadandTobago) progress. Thereisevident-need forarenewalofourco_itllent totheobjectives andpurposes ofourCharter. Intheareaofeconomic andsocialdevelopment, theresponsibilities ofthe UnitedNations mustofnecessity bemoreimportant andfar-reaching todaythanin 1945.TheUnitedNations nowcomprises 159sovereign States, butsomethree quarters oftheworld's population dwellinStateswhoseinherited socialand economic structures stillconfine themtoaperipheral position outside the mainstream oftheinternational economic andfinancial system. TheCharter oftheUnitedNations contains apledg~-thatthepeopleofthe UnitedNations aredetermined toemployinternational machinery forthepromotion oftheeconomic advancement ofallpeoples. Yetthequest,inwhichweinthe developing worldreposesomuchhopeandfaith,forthenewinternational economic orderthatwouldestablish aworldeconomic systempredicated onjustice and equality, isstilltobecompleted. Indeed,itisnotevenbeingseriously considered insomequarters. Thedeveloped Statesmustsurelyhaverecognized by nowthattheproposed newinternational economic orderdoesnotconstitute athreat totheireconomic well-being, butthatitisaconcept designed primarily to restructure economic interaction andpromote theeconomic growthofallpeoples. Unhappily, indifference andinaction haveconfronted alltheefforts tobring aboutglobalnegotiations oninternational economic co-operation fordevelopment, theelaboration ofacodeofconduct ontransnational corporations, the establishment ofalong-term financing systemforscience a~dtechnology for development andtheattainment ofthetargets andobjectives mutually agreedinthe International Development Strategy fortheThirdUnitedNations Development Decade. Itishardlysurprising, therefore, thatthecritical, ever-worsening economic situation throughout theworldcontinues tobeacauseofserious concern andthatJP/mh--------------- A/40/PV.17 34-35 (Mr.Mahabir, Trinidad andTobago) developing States, whichoncelookedtomultilateral financing institutions to assistthemwiththeircomplex ~Dnomic problems, arenow,withgoodreason, losing faithinthem.Theirdiscouragement isaggravated bythefactthatany demonstration ofeconomic improvement byanyofthose countrie~ tendstobringwith ittheapplication ofconcepts suchasthatofgraduation, whichalterstheir eligibility statusandentails thelossofmuch-needed assistance fromtrading partners andinternational development organizations. Thatisnotall.Oneofthemostserious problems facingdeveloping Statesis thatofmassive andspiralling debt,andtheirinability notmerelytorepaythe capital buteventomeetthehugeinterest payments unilaterally prescribed. In fact,developing Stateshavebeenforcedtoseeknewloanstomeetinterest payments onprevious loans.Itisdifficult toseewherethespiralwillend.A debtmustalwaysbehonoured. Thereis,however, theconcomitant responsibility on thepartofthedeveloped worldtoensurethatthetermsaresuchthattheydonot defeattheobjective forwhichtheloanwascontracted anddonotcauseeconomic
**Analysis**
The text primarily focuses on the role of the United Nations in promoting economic development, addressing global economic issues, and discussing the challenges faced by developing countries. It highlights the importance of international cooperation, the need for a new international economic order, and the struggles of developing countries in paying off debts and meeting interest payments.

**Category**
Economic development, International trade