text: precarious debt situation in sub-Saharan Africa and to accelerate the pace of its economic development and growth. I wish to stress that the special session urgently needs to come up with an integrated debt-management strategy capable of promoting growth, substantially reducing the quantum of debt stock and debt service in the indebted countries. My delegation would there fore propose that, first, substantial financial resources be made available to the poor debtor countries in the sub-Saharan African region to enable them to cope with the effects of the drastic fall in commodity prices, the decline in capital flow, and an unmanageable debt-service burden; secondly, that concessional finance be provided for countries facing an insurmountable burden in debt servicing to the World Bank and the International Monetary Fund (IMF); thirdly, that all official debts owed to creditor countries in bilateral transactions qualify for outright cancellation by the creditor countries involved; and, fourthly, regarding debts owed to commercial banks, that an international debt-purchasing agency be set up under the aegis of the IMF and the WOrld Bank to purchase the existing debt of developing countries at a substantial discount of up to 80 per cent. My delegation also strongly believes that there is a need for additional financial resources to support subregional integration efforts in the developing countries. In mv subregion, for example, the Economic Community of West African States (ECOWAS) is making significant progress, and member countries are making critical decisions aimed at increasing intra-African trade, promoting free mobility JB/11 A/S-18/PV. 5 42 (Mr. Lukman, Nigeria) of the factors of production, and taking advantage of economies of scale. ECCMAS and other subregional economic co-operation efforts in Africa, however, deserve encouragement and concrete support from the international communi tv. In the global race to create large and more integrated markets and economies, Africa must not be 
analysis: The text discusses the debt situation in sub-Saharan Africa, proposing solutions to accelerate economic development and growth. It highlights the need for financial resources, debt cancellation, and support for subregional integration efforts. The focus is on economic development and debt relief, with a mention of subregional economic cooperation.