ofactionaccepted aseffective andnecessary yesterday aretodaygoingthrough a andtodealwiththegraveproblems nowconfr.onting us. reaching onlyasmallnumberofnations without reflecting itselfsignificantly insocialconflicts withunpredictable consequences. flowstothedevc~loping countries arestillinadequate. Theservicing offoreign debthasbecomeanexcessive burdenandgoeshandinhandwithadramaticcritical period. Thereisnopolitical willtogiveanewimpetustoco-operation countries. Thosecountries seetheirprospects ofprogress fadingalarmingly, andforourproducts isnotimproved andstabilized.asthesourceoffunds. However, thisaimwillbeunattainable ifmarketaccess countries, ashasbeenthecaseforsomeyears.(Mr.delValle,Chile)AAo/PV.16 27 Whenthemerepayment ofinterest forcesacountry toapplyforfurther loans,RM/9 Ithasbeenclearly demonstrated inrecentyearsthatnoneofthedebtortostimulating employment. Themainmotiveforceremains thepromotion ofexportsInternational co-operation andobligations andcommitments wehaveundertaken Chilehasmadegreatsacrifices, ashavemostLatinAmerican countries, in Thereisanurgentneedforacomp~ehensive analysis oftheexternal debtinternational economy havebeenlimiting theinevitable transformation oftheirown international tradesystemwiththeexisting political andeconomic realities.properly adjusted balance ofpayments andagradually declining rateofinflation.economies byincreasingly resorting toprotectionism.developing countries, othercountries withadecisive influence onthediscrepancy intheprocess ofadjustment intheworldeconomy: whilea macroeconomic programme wehaveundertaken tocorrect thesituation provides forafar-reaching adjustment, withveryhighsocialcosts,isbeingimposed onusas external effects ofourinternal economic policies intoaccount. problem ofthedeveloping countries basedontheexisting relationship betweenrequire thatallofus,andparticularly thedeveloped countries, musttakethe tradeandfinancing inordertoalignthepresumed objectives ofthemonetary andordertoadaptitseconomy tosteadily worsening external conditions. Thecoherent ~historically uniqueandpolitically untenable stagehasbeenreached wherethe debtordeveloping countries becomenetexports ofcapital totheindustrializedgrowthandmaintain thepolitical andsocialbalance initsownsociety.Thisnational development strategy encourages domestic savings andgivespriority countries willbeablesimUltaneously topayitsforeign debts,spurecr''l'1omicRM/9 A/40/PV.16 ,'28 (Mr.delValle,Chile) Werecognize thatannualnegotiations haveconsiderably relieved theproblem andthattheirconditions haveimproved overtheyears. However, theenormous burdenofaconstant adjustment, supported exclusively bythedeveloping couhtries, inconjunction withanobvious deterioration intheworldeconomic situation, makes itclearthatthatcannot beregarded astheonlywayofhandling thisproblem. Responsibility forthedebtissharedbythedebtorcountries, thecreditor countries, theinternational financial institutions andprivate banks. Asalready stated, thusfarthesacrifice involved inconfronting thecrisishasfallen exclusively uponthedeveloping countries, together withalltheensuing unemployment, poverty andsuffering. Therewillbenosolution tothissituation unlessalltheactorsinthedrama assumetheirshareofresponsibility. Thishasbeenthebasisforthestatements thatthecountries participating intheCartagena Consensus havebeenmaking. The Consensus callsurgently forapolitical dialogue tosolvetheproblem ofthe foreign indebtedness ofthedeveloping countries1intermsnotonlyinits immediate aspects butalsoofits~'jections forthefutureofinter~~tional economic relations. Eachdaytheworldbecomes lesssafe.Inaddition totheconstant actsof terrorism thatoppress uswiththeirwidespread harvest ofirrational violence and death,thereareinternational situations ofconflict thatseemtotakeona permanent form,testifying tothelackofwillingness tos~ekpeaceful solutions thatwillensuretheruleoflaw. Weareconcerned anddistressed bytheendless dismembering ofLebanon, a nationtowhichwearejoinedbytiesoffriendship, andacountry thatwasoncean outstanding example ofprosperity intheregion. Weawaitwithconcern and impatience therestoration oftheformstraditional coexistence inthatcountry,RM/9 Aj40/PV.16 29 (Mr.delValle,Chile) basedonth~essential conditions ofrespect foritsterritorial integrity, sovereignty andpolitical independence. Thebondsoffriendship thatlinkustothenations oftheMiddleEastgoback alongway.Manysonsofthoselandshavesettled inourcountry. Consequently we lookforward withparticular anxiety andconcern totheachievement ofajustand ~aceful solution totheproblem posedbythislong-standing centreof
**Analysis**
The text discusses the debt crisis of developing countries, the burden of foreign debt, and the need for international cooperation and economic reform. It highlights the impact of the crisis on employment, poverty, and suffering, and emphasizes the need for a comprehensive analysis of the external debt and its effects on the international economy.

**Category**
Economic development, International trade