vestiges ofcolonialism bewipedoffthefaceoftheearth. Thesituation ofthethird-world countries hasdramatically woi:sened sincetbe beginning ofthisdecade. Theirforeign debthasmultiplied, thetermsoftrade betwenthedeveloped capitalist countries andthedeveloping countries continue to betotallyunjustandtoconstitute anabuse;credits aregranted inunfair conditions; markets havecontracted owingtoprotectionist measures applied by developed capitalist countries against ourindustrial products andrawmaterials; and1:neinfluxofcapital, bothoffical andpi:ivate,iowunderdeveloped eounti:ies \Bcr/rd A/40/PV.9 73 (~r.Malmierca Peal!, Cuba) hasbeenreduced -allofwhichcontributes totheprogressive deterioration of theirfragile economies. Theforeign debtofdeveloping countries hasalready reached theimpressive figureofmorethan$900billion. LatinAmerica alonenowowes$360billion, more thanthetotaldebtofallthethird-world countries onlysixyearsago.Thetotal debtoftheAfrican countries, whichisover$160billion, hasagreater percapita impactthanLatinAmerica's if,inaddition tothelesserrelative development of thosecountries, weconsider theserious damagecausedbydrought andhungertoa largenumberofthem. Theeconomic crishasovertaken and,inaway,hasbeenthrustonthe economhs oftheless-developed countries. Wecansaythatwearedealing witha process thathadbeenintheoffingforsometimeandtheconsequences ofwhichare moreorlessserious, depending oneachcountry's economic resources andalsoon thegreater orlesserefficiency withwhichithasbeenabletodefenditself against thecrisisortotrytoovercome it. Thegroupofnon-aligned countries, whichconvened inLuanda afewweeksago fortheeighthministerial meeting oftheMovement, oweWestern countries atotal ofalmost $590billion. Thismeansthatwemustpayover$60billion for debt-servicing thisyearalone. Whatcouldourpeoples notdowithsuchasumof moneyifitwereusedtostimulate industry andagricultural production, to increase fooUproduction, healthdevelopment andeducation? Theinsurmountable problems-generated bytheexistence ofthisswollen debtdo notlieonlyinthedifficulties whichourcountries faceinpayingtheinterest. WhileitistruethatreceiVing credits tocovertheservicing ofthedebtraises theleveloftheirindebtedness inawaythatcallsintoquestion anypossibility ofdevelopment, andtherefore ofeventually repaying thedebt,theattempts that somecountries havemadetohonourtheircommitments -inunfairconditio.,s, aswe I IBCT/rd A/4O/PV.9 74-75 (Mr.Malmierca Peeli,Cuba)I Ibavealready seen,inwhichthedollarhasbeenovervalued several timesandhigh interest ratesprevail -havefailed, owingtotheseriousdeterioration inthe termsoftradeandtheresultant reduction intheirexportearnings forthisperiod. Ifweconsider thattheallocation of20percentofexportearnings topay theforeigndebt,farfromsolving thedebt,willincreaseitandispractically untenable, whatwillhappenwhenourcountries mustdevote-8.Jmanyarealready doing-57, 52, 45or36percentofdleirexportearnings tothispurpose? How canthesharpdropinthestandard oflivingofthemajorii:ysectors ofthe popul.ation becurbed? Havethedeflationary measures prescribed-by the International Monetary Fundmanaged tohaltthedesperation oftheworking classes, theimpoverishment ofthemiddleclasses, unemployment, theincrease inconsumer prices, andthereduction ofexports anddomestic production inthedeveloping countries? ThedailypapersinanyLatin-American country bearwitness tothecontrary - ashasalsobeenevident forsometimenowinthestatistical yearbooks ofthe Economic Commission forLatinAmerica andtheCaribbean. Whatistrueisthatthecapitalist countries' protectionist measures~ dumping; theovervaluation ofthedollar; thepersistence ofunequal termsof trade;highinterest rates;andthecurrent international monetary, financial and economic tradesystemasawhole-allworktothedetriment ofthedeveloping countries, haveprcmct0c are~erse transfer ofcapita! t~thedeveloped capitalist countries, andreinforce thedependence, underdevelopment andstagnation ofthe countries oftheso-called thirdworld.*JP/ed A/40/PV.9 76 (Hr.Malmierca Peoli,Cuba) Cubainsiststhetitisnecessary todoawaywiththeabysmal inequality that separates ourcountries" fromthedeveloped countries. wemusttherefore str"uggle toeradicate thepc:werty, hunger, sickness andilliteracy fromwhichhundreds of millions ofhumanbeingsstillsuffer. weaspiretoanewworldorder,basedon justice, equityandpeace,toreplace theunjust, unequal systemwhichnow prevails, inwhich,aswasproclaimed intheHavanaDeclaration of1979bythe