Prompt and effective action to reduce the develoPing countries' debt stock and interest rates, whidl increase their negative transfer of resources. Those interest rates also perpetuate the present economic stalemate and impede economic development. Having seriously deteriorated, the debt crisis of developing countries now looms over the entire international financial and monetary system. It menaces the fabric of human cohesion. It continues to require a decisive cure, since the interests of creditors and debtors alike are vested in the health of the international system of finance. Constructive solutions must therefore be sought through negotiation, either by reducing or rescheduling the debt principal, reducing interest payments, writing off the official debts of the least developed countries, or linking the principal and interest Payments to the debtor countries' exports. Whatever the solution, it must not be linked to a halt on new loans, or investments or other assistance for the develoPment of those countries, or attached to crippling conditions that affect the daily bread of poor peoples. What canpounds the crisis, according to the World Bank report, is that one third of the bank loans currently granted to developing countries have become "adjustment" loans, not loans for financing projects. His Highness Sheikh Jaber Al Ahmad Al Sabah, the Emir of the State of Kuwait, has grasped the profundity of the problem and presented appropriate solutions based on the principles of justice and the spirit of mutuality and altruism, hoping that the world community would be responsive to the consequences of the problem, the effects of which have become a huge burden on the economies of developing countries. .JB/8 A/S-18/PV. 4 32 (Mr. Al-Sabah, Kuwait) The developed countries are called upan to assume their responsibilities within a collective context for a decisive solution to the problem, which endangers 
**Analysis**
The text discusses the debt crisis of developing countries, the impact of high interest rates and debt stock on their economic development, and the need for a collective solution to address this crisis. The text also highlights the role of international organizations, such as the World Bank, and the responsibility of developed countries to assume their role in finding a solution. The focus is on the economic and financial aspects of the crisis, with no mention of natural resources, environment, agriculture, forestry, fishing, health, education, employment, humanitarian aid, culture, or science and technology.

**Category**
Economic development, International trade