aware of the enormous possibilities in human and natural potential that could be released through the use of resources now devoted to armaments. In our view it would a historic error not to avail ourselves of this unique opportunity. It would be more serious yet to consider the development of the East as competing with the development of the South. During the 1980s the experiences of the developing countries were relatively diversified. While some of those countries acheived unprecedented growth, others found themselves in crisis. In particular the question of debt, to which Belgium attaches special importance, constitutes a major hindrance to development. In 1987, at the seventh session .of the United Nations Conference on Trade and Development, my country proposed that the developing countries be allowed to reimburse their debt and-debt servicinq in local currency, resources allocated to a development fund managed jointly by donor and recipient could be rrobilized to finance productive activities of hiqh social usefulness. Fer some countries of Sub-Saharan Africa that have a particularly high debt and meet the criteria of the World Bank, we undertook a oomplete reschedulinq of contracted debt in tm form of State-to-State loans. Furthermore Belqium, while ha vinq subscribed to the Toronto proposals, has never felt they would be oompletely sufficient to meet the problems caused by the excessive debt-servicing burden. Therefore Belgium, in the quest for a formula rrore oonducive to renewed growth of Rff/27 A/S-18/PV. 2 127 (Mr. Geens, Belgium) the economy, has qone further· than those proposals made at the global level. In 1989 the Belqian Government undertook for its main partner the cancellation of one third of commercial debt. At the same time, the renaininq two thirds of the debt was rescheduled in accordance with Toronto Option B. The interest due under this rescheduling was subjected to alleviation measures authori zinq the payment of 
**Analysis**
The text discusses the potential for releasing resources currently devoted to armaments for development purposes, particularly in the context of debt relief and economic growth in developing countries. It also mentions the cancellation of commercial debt and rescheduling of remaining debt. These themes suggest that the text is primarily focused on economic development and international trade.

**Category**
Economic development, International trade