economic survival. Whether our children will inherit decent societies and a decent environment or soci<3.1 and ecological devastation is up to us. The strategy for tacklinq the problem of development must be based on a synthesis of national and multilateral action, for neither one can succeed without the other. On the multilateral level, the need is absolutely urgent for effective measures to tackle the developing countries' $1.3 trillion debt problem, JVM/5 A/S-18/PV.6 17 (President Vassiliou} understanding at the outset that this is a complex issue requiring diverse and imaginative solutions. For the very poorest countries there is clearly no other way than a total debt write-off. Creditor countries, such as France and Canada, have set commendable examples in this direction with regard to African debtor nations. Just two weeks aqo, Canada additionally forgave debts in the Caribbean. United States Secretary of the Treasury Nicholas Brady's debt-forgiveness plan is also a step in the right direction, al thouqh as banks opt for bond options rather than new loons, beneficiary developing countries may still end up starved for vital new cash. One proposal, which I first put forward at the General Assembly's special session on disarmament about two years ago and would like to reiterate today, is that of using a portion of the savings deriving from a reduction in military expenditures bV creditor countries to establish a special fund in each country. The fund would then be used to buy back a part or the whole of the debt owed by developing countries to banks at agreed prices reflecting present market values. This would relieve the developing countries• debt burden and, in addition, give them increased access to new loan finan~ for possible use in development projects. At the same time, the developed creditor countries would themselves 
**Analysis**
The text discusses the issue of debt relief for developing countries, which is a crucial aspect of economic development. The author also touches on the need for a synthesis of national and multilateral action to tackle the problem of development, which suggests a broader scope beyond just economic development. The mention of environmental degradation and the potential use of savings from reduced military expenditures to establish a special fund to buy back debt also hints at the connection to natural resources and environment.

**Category**
Economic development, Natural resources and environment