text: transformation, structural changes andsocial andeconomic policies intheregion willbeexplored inrelation totherelationship ofAfricawithotherregions, and specific recommendations forinternational co-operation willbeforthcoming. This workwillbedoneincloseco-operation withtheEconomic Commission forAfrica. SUBPROGRAMME 3.EXTERNAL DEBTANDDEVELOPMENT (a)Objectives 12.41 Thelegislative authority forsubprogramme 3derives fromGeneral Assembly resolutions 40/477, 41/202, 41/163, 42/198 143/27, 43/198 and44/205; andEconomic andSocialCouncil resolution 1988/76. 12.42Present indications arethatthedebtproblems ofthedeveloping countries willcontinue intothe1990s. Thecomplexity oftheproblem isrootedinits gravity andlongduration andintheinterplay ofalargenumberoffactors: the diversity ofthecreditors, thewidelydiffering capacity torepayandthesocial andpolitical ramifications ofprotracted economic crises. Adverse external situations Isuchasfalling commodity prices andrisinginterest rates lhave compounded theproblem. Thedebtoverhang isanobstacle todevelopment andhas assumed apolitical dimension. 12.43 Theobjectives ofthesubprogramme are(a)tomonitor thedebtsituation in itsvarious aspects, (b)tosearchfornewapproaches andtoevolveappropriate development strategies tosupport multilateral lnational andbilateral efforts in resolving theexternal debtcrisisofdeveloping countries andotherhighly indebted countries and(c)toexamine theimplications ofthedebtcrisisforthe worldeconomy. (b)CourseofactionoftheSecretariat 12.44Research andanalysis willbeundertaken tomonitor thedebtsituation in itsvarious aspects, andconsultations willbecarried outwiththosewhoare eitheractually involved indebtdiscussions orwhohaveanintimate understanding oftheproblem tosearchfornewapproaches andevolveappropriate development strategies thatarebasedonlessons fromthecrisisthatledtotheeconomic stagnation inthe1980sinheavily indebted countries. 12.45 Thedebtproblem hasmanyaspects including political andsocial ramifications. Theinteraction amongdebt-servicing difficulties, investment and outputgrowthareparticularly important andwillbereviewed indepth. In addition, special attention willbegiventothesocialconsequences ofthe adjustment efforts andthechanging economic situation indeveloping countries with debt-servicing difficulties. 12.46Sinceaspects ofexternal debtarebeingexamined inUNCTAD Ithe International Monetary FundandtheWorldBankandintheregional commissions lthe planned activities underthesubprogramme willcontinue tobeundertaken inclose co-operation andco-ordination withtheseorganizations withaviewtoensure complementarity. -11-f f12.40Another continuing activity isthepreparation ofanalyses ofthespecial problems oflow-income countries, particularly thoseinAfrica. Institutional transformation, structural changes andsocial andeconomic policies intheregion willbeexplored inrelation totherelationship ofAfricawithotherregions, and specific recommendations forinternational co-operation willbeforthcoming. This workwillbedoneincloseco-operation withtheEconomic Commission forAfrica. SUBPROGRAMME 3.EXTERNAL DEBTANDDEVELOPMENT (a)Objectives 12.41 Thelegislative authority forsubprogramme 3derives fromGeneral Assembly resolutions 40/477, 41/202, 41/163, 42/198 143/27, 43/198 and44/205; andEconomic andSocialCouncil resolution 1988/76. 12.42Present indications arethatthedebtproblems ofthedeveloping countries willcontinue intothe1990s. Thecomplexity oftheproblem isrootedinits gravity andlongduration andintheinterplay ofalargenumberoffactors: the diversity ofthecreditors, thewidelydiffering capacity torepayandthesocial andpolitical ramifications ofprotracted economic crises. Adverse external situations Isuchasfalling commodity prices andrisinginterest rates lhave compounded theproblem. Thedebtoverhang isanobstacle todevelopment andhas assumed apolitical dimension. 12.43 Theobjectives ofthesubprogramme are(a)tomonitor thedebtsituation in
analysis: The text appears to focus on the economic development and debt crisis of developing countries, particularly in Africa. It highlights the complexity of the debt problem, its impact on development, and the need for international cooperation to resolve it. The text also mentions the importance of monitoring the debt situation, searching for new approaches, and evolving development strategies.