text: and nodernize their economies. They have also accepted their obligations to create favourable domestic conditions for investment and capital formation. Those are landmark decisions that need to be acknowledged and reciprocated in full. The international community carries the weight of responsibility to agree on commitments that address the major economic issues of our times. The most disturbing feature of the 1980s was the phenomenon of a massive net transfer of resources from the developing to the developed countries. It has been established that the negative net transfer of resources stood at the staqqerinq figure of $180 billion during the period 1984-1989. JB/16 A/S-18/PV. 4 73 {Mr. Yaqub-Khan;·Pakistan) We urqe the developed world to increase assistance on soft terms to reach the aqreed tarqet of 0. 7 per cent of their Gross National Product. Similarly, multilateral financial institutions should increase the net transfer of resources to the developinq countries on softer terms. To that end, the capital base of the World Bank and the resources of the International Monetary Fund {IMF) and the International DeveloPnent Association (IDA) should be increased. The external debt of the developinq countries stood at $1.3 trillion by the end of 1989. The heavy debt repayment and ser vicinq has drained the much-needed resources of the developinq countries, leadinq to severe adverse repercussions on their social and economic conditions and prospects for economic qrowth. The vicious cycle of indebtedness, economic staqnation and social disruption must be broken. Measures to resolve the problem must aPPly equally to countries that have been Prudent in the manaqement of their external debts but are nCM facinq balance of Payment difficulties. A forthriqht commitment to resolve the problem of third-world indebtedness should be a major objective of this session. International trade remains encumbered with multiple barriers erected aqainst 
analysis: The text appears to be a speech or a report discussing the economic development of developing countries, specifically the issues of debt, international trade, and the need for assistance from developed countries. The language used is formal and diplomatic, suggesting that it may be a document from an international organization or a government. The text highlights the problems faced by developing countries, such as debt repayment, economic stagnation, and social disruption, and calls for measures to address these issues.