Debt servicing and high interest rates have created negative financial outflows and a debt overhang which inhibits any prospect for qenuine growth or recoverv. Title situation has been further exacerbated by major imbalances among industrial countries. It is increasingly recognized that debt repayments should be linked to a reasonable and bearable percentage of export earnings. Commercial debt especiallY should be dealt with within a commonly agreed framework and throuqh mechanisms that would eventually ensure greater continuity, predictabili tv and security in financial flows. The idea of an internationally financed debt reconstruction facili tv, which has so far been iqnored by major international financial institutions, would deserve greater attention in this regard. World financial markets have req istered inexorable ex pans ion and globalization through networks of soPhisticated transactions. As we gain deeper insiqhts into their influence on world economic interdependence, we realize that the world economy can ill afford monetary absenteeism and indifference to global aspirations for equitable development and sustainable growth. Our commitment to multilateralism ought to be reinforced by the current relaxation in international political tension rather than hindered by the constitution of huqe regional blocs and a tendency to divide the world into new spheres of economic influence. The shaping of a new kind of development dePends BHS/jq A/S-18/PV. 8 107 (Mr. Peerthum, Mauritius) thus on a number of important issues which have become increasingly interrelated at a global level and require greater co-ordination for decision making. The human dimension is an essential aspect of development Planning likelv, under present circumstances, to receive inadequate attention, unfortunatelY. It is often said that among developinq countries progress has been impaired by lack of proper domestic economic management. The inadequacies of qovernance and institutions, however, should not be a pretext for curtailing efforts and investments for education, the improvement of social infrastructures and the 
**Analysis**
The text primarily focuses on the issues related to debt servicing, high interest rates, and their impact on economic growth and development. It also touches upon the importance of international cooperation, multilateralism, and the need for coordinated decision-making. Additionally, it mentions the human dimension and the importance of education, social infrastructures, and governance. These themes suggest that the text is more concerned with economic development and international relations rather than other categories.

**Category**
Economic development, International trade