text: guaranteed justandequitable pricesfortheirexports. Indeed, nodurable economic recovery cantakeplaceunlessurgentstepsaretakentosafeguard the incomes ofprimary commodity producers. TheIntegrated Programme ofCommoditiesAP/emv A/40/PV.24 12 (Mr.Mangwende, Zimbabwe) hasalready demonstrateditspotentialforprotecting theincomesofprimary goods exporters, anditwouldbetobebenefit ofallifmoreandelaborate commodity agreements wereconcluded. Theactivation oftheCommon FundforCcmmodities and thestrengthening ofboththestabex scheme andIMFcompensatory facility for exportearnings shortfalls wouldcontribute significantly totherecovery of incomes indeveloping countries. Durable economic recovery wouldbestabilized onlybypolicies thatwould generate asustained transfer offinancial resources todeveloping countries. This conclusion isnotrhetorical butisprompted bytheconsideration thatatpresent developing countries areengaged inacostlyadjustment process thatrequires massive capitalinputs. Insuchcircumstances thepresent trendofreverse capital flowstodeveloped countries isnotacceptable andshouldbestopped. Developing countries arenowpaying$72billion annually ininterest payments andinthe comingfiveyearsabouttwo-thirds ofthethird-world debtwillhavetoberepaid orrolledover. AsforAfrica, theprojections arethatcapital outflows will exceed combined official development assistance inflows. Itisunrealistic toexpectthatdeveloping countrieswouldinthemedium- and long-term, generate tradesurpluses sufficient tofinance theircurrently structured debtobligations. Itisequally scandalous toexpectAfrica, a continent thatisfighting foritssurvival toshoulder adebtburdenof 59percentofitsexportearnings. Essentially, ourargument isthatthe recessionoftheearly1980sha!tedthecapitalformationprocess inthedeveloping countries andaninjection ofnewcapital isacondition forthereactivation of thedevelopment process. Asitis,highinterest ratesandthescarcity ofnew loansareforcing countriestomakerepayments attheexpense ofessential imports. Itisunrealistic toexpectthattradesurpluses woulddiffuse thedebtAP/emv A/40/PV.24 13 (Mr.Mangwende, Zimbabwe) bombparticularly inatradecontext characterized byrisingprotectionism, declining commodity prices andmonetary instabilities. Anexamination oft.lleL'1terrelationships amongtheissuesofdebt,trade, moneyandfinance convinces usthattheexisting narrow approaches tothedebt crisisareinadequate. Theresponsibility forresolving thiscrisismustbeshared equitably between thedebtor andthecreditor countries. Suchanapproach suggests acondition forresolving thedebtcrisis, thecondition beingthatthedebtor country shouldremainsolvent andviableinorderforthatpartytodischarge its contractual obligations,thussatisfying thatconditionscansafeguard the international creditsystemasweknowittoday.Ifitisasharedobjective that thepresent creditsystemhastobepreserved, whichimplies thesolvency ofthe debtorcountry, thenweneedaforumwheredebtpolicies consistent withthose sharedobjectives couldbenegotiated.Atpresent suchaforumdoesnotexist. TheMovement ofNon-Aligned Countrieshascalledforaninternational conference ondebt.Itisimportant thatthepresent session oftheGeneral Assembly makeadvances towards thatobjective. Wehavealready statedthatitis notserious toexpectAfricaoverthemedium termtosustain thepresent haemorrhage ofcapital caused bydebtservicing. Thetwenty-first session ofthe Organization ofAfrican unitysummit oneconomic matters hascalledforan international conference onAfrican debt.Thisproposal shouldbeviewedaspart andparcelofthepresent initiatives forhalting theeconomic crisisinAfrica. TheAfrican economic crisisisoneofdevelopment, andunlessthestructural constraints areaddressed itislikelytobecome apermanent feature. TheOAU leaders haveassumed responsibility forpulling Africaoutofthistragedy. Butto dothiseffectively theystillneedmoresupport aswellasthecreationof external economic conditions conducive totheresumption ofgrowthandeconomicAP/emv A/40/PV.24 14-15 (Hr,)Mangwende, Zimbabwe) activity. Sincethereisaperceptible international consensus toresolve the African issue,asevidenced bytheconsensus declaration ontheAfrican economic crisisadopted bytheGeneral Assembly, itistimethatthisgoodwillwas
analysis: The text discusses the economic crisis in developing countries, particularly Africa, and the need for urgent steps to safeguard the incomes of primary commodity producers. It highlights the importance of commodity agreements, the activation of the Common Fund for Commodities, and the strengthening of the IMF compensatory facility for export earnings shortfalls. The text also emphasizes the need for a shared approach to resolving the debt crisis, with a focus on preserving the international credit system.