(Mr. Rogers, Belize ) Stopgap measures such as refinancing or rescheduling debt payments have proved futile in revitalizing growth in the most heavily indebted of the developing nations. In the Latin American and Caribbean context successive efforts have failed to accomplish much in coping with the magnitude and consequences of the $434 billion owed. There is a direct relationship between the reduction in domestic investment, the import of capital goods and other necessities and the increasing payment obligations which give rise to budget deficits and spiralling inflation. Structural adjustment, austerity measures and International Monetary Fund (IMF) and World Bank conditionality further affected the already volatile social structure in the severely indebted nations and in some cases brought about political instability without alleviating the burden or stimulating significant levels of growth. While we acknowledge that peace and development are inextricably linked, we must now admit that new ways have to be sought to break the vicious circle that has trapped developing countries in a spiral of debt, economic stagnation and social cris is. Regardless of the amount of attention being given to the much-touted Brady Plan, there is still concern that the overall debt picture of its potential beneficiaries will remain the same. At this juncture Belize would like to salute one of our senior Commonwealth partners in development, Canada. At last month ‘s meeting in Barbados of Heads of Government of Commonwealth Caribbean countries, Canadian Prime Minister Brian Mulroney announced that the Government of Canada has agreed to cancel all outstanding official-development-assistance debt owed to Canada by menbers of the Commonwealth Caribbean. The present indebtedness amounts to some $190 million. PM/Il A/S-18/PV. 9 42 (Mr. Ragers, Belize ) The forthright decision to extend that generous gesture deserves high commendation and has set a precedent for international economic co-operation towards debt relief 
**Analysis**
The text primarily discusses the issue of debt relief and its impact on the economy of developing countries, specifically in the Latin American and Caribbean context. It also mentions the role of international organizations such as the IMF and World Bank, as well as the decision of Canada to cancel outstanding debt owed by Commonwealth Caribbean countries. This suggests that the text is focused on economic development and international trade.

**Category**
Economic development, International trade