of the debt problem is such that these efforts are 1 ikely to founder in the absence of initiatives that qo beyond those outlined at the Toronto Summit Conference, beyond the Brady plan and beyond the laudable, but relative! v limited, debt-moratorium efforts of some bilateral creditors. Debt-service ratios remain much too hiqh, qiven the resource requirements for economic recovery. Workable, lastinq debt relief is therefore critical to any strateqv of recovery and sustainable economic qrowth, and it is essential to establish a mechanism for the refinancinq of debt which will be financed oartly from savinqs nade on JSM/dl A/S-18/PV. 4 169-170 (Mr. Ndiaye, African Development Bank) peace-keeping expenditures as a result of the relaxation of tension in the world. That mechanism would sustain the reform effort and the qrowth of the developinq countries. I wish to make a few COIIU!Ients on international trade: JB/36 A/S-18/PV. 4 171 (Mr. Ndiaye, African Development Bank) As we are all too well aware, international trade represents a major source of , resource flows and is an imJXlrtant vehicle for economic growth. We are also aware that the dramatic deterioration in the developing countries' terms of trade, largely reflected in the precipitous declines in commodity Prices, has sharply reduced the export receipts of manv countries, limited the possibilities of broadening our Production bases, and, in the process, severely constrained our reform and adjustment efforts. Short- and long-term measures are called for to tackle the oommodi ties and trade Problems of African countries. In the short term, substantial exPOrt stabilization neasures are needed for comnndity prices to cushion growth against the adverse impact of exoort shortfalls, and to contain the debt-servicing problem. In the longer term, export diversification towards products with dynamic demand potential is critical. Equally important is the need to dismantle 
**Analysis**
The text discusses the debt problem and its impact on economic recovery and sustainable growth, particularly in developing countries. It highlights the need for debt relief and a mechanism for refinancing debt, as well as the importance of international trade and export diversification. These themes suggest that the text is primarily concerned with economic development and international trade.

**Category**
Economic development, International trade