text: growthoftheworldeconomy. Butthisessential balance cannotbeachieved whileandneedforwell-being ofpeoples andtheneedtoestablish astabledisregard thesituation ofcountries experiencing verydifficult circumstances. Inintheseagreements thatallowsforchanges tobemadeintheeventofspecial areunabletofulfil, andthatitisdamaging totrytotakeadvantage ofor acceptable general frameofreference thattakesintoaccount thedevelopment needsalready reached, thatcountries cannotberequired toassumeobligations thattheyefforts toensureournational development. Webelieve, onthebasisofcurrentrestructuring agreements withourcreditors thatlessentheimpactofdebtonour substantial economic changes thatmodifythebasisoftheagreement. Webelievedesiretofulfilitsforeign commitments. Inourcasewehaveestablished situations caused byfortuitous circumstances orforcemajeure, orinthecaseofmS/5 wecannotremainpassiveiftheyarenotachieved, because wecannotallowthefate canwecompromise thedevelopment ofournations beyondreasonable limits. estimates, thatourcommitments areviable. Acontingency clausehasbeenincludednettransfer ofresources hasreached $70billion, whichinrealtermsisequalto problem.willbeatbestacoincidence ifweareabletoovercome thewidespread debt(President Lusinchi)A/4Q/PV.14 12 Asregards mattersoffinance,itisscarcely necessary torecallthatunlessThereisacloselinkbetween thefulfilment oftheirfinancial obligations by Thedevelopment ofcircumstances makesitnecessa~y fortheGeneral Assemblyininterest payments. Infact,LatinAmerica hasbecomeanetexporter ofcapital, Inmatters oftrade,therehasneverbeforebeensuchademandforrespect forundertake thenecessary action.thepastfouryears. In1984,forexample, LatinAmerica hadatradesurplus of thewar-ravaged European economies. toundertake atthisfortieth session, intheeconomic sphere, anessentialtheresources necessary tofinance ourdevelopment. Wecannotdevotethefruitsof themultilateral bodieshavetherequired resources andappropriate policiesitEMS/S mustgrowsothatwecanpayourforeigndebt,butfirstandforemost togenerate whichisastrangesituation foraregionofdeveloping countries. Since1982this principles andstandards together withsuchalackofcompliance, suchthreats o~ tradewarandsuchrepeated andopenuseoftheunilateral imposition ofmeasures.thebigindustrialized countries maintain unnecessary prqte,ctionist barriers which withabsurd, excessive selfishness theyevenseektostrengthen. andattempt toreachacommondiagnosis whichwillenableusimmediately toourcountries andtheirprospects ofeconomic andtradeexpansion. OUrexports exercise injointreflection inwhichweseriously analyse thepresent situationnearlytwicetheresources usedundertheMarshall Planforthereconstruction ofouradjustment efforts exclusively todebt-servicing, aswehavebeendoingover $37billion, thelargest initshistory, butwehadtotransferittoourcreditorstimeforthenecessary dialogue tomaterialize.InourView,itismorenecessary thaneverbeforetoco-ordinate economic Certainly, itwasnotwithout interest thatwereceived theinformation about(President Lusinchi)A/40/PV.14 13 reasonable interest ratesandthegranting offinancing insuitable quantities andopening markets toourexports andacertain understanding ofmatters concerningacknowledgement oftheneedtoresistprotectionist measures, thepossibility of onsuitable conditions couldmeanthatwearewitnessing achangeinthetheFederal Republic ofGermany, theunitedStates, France, theUnitedKingdom andthetalksheldrecently byFinance Ministers andGovernors ofthecentral banksofOrganiza tion. perceptions ofthegreatPowers. Thedeveloping worldhasbeenwaiting foralongdidemergewerecloaked inthetraditional frustrating wordiness, thetimidInmonetary matters, thereisnoprospect ofcontrolling thepersistent topromote monetary andpayments stability andanadequate flowofresources for policies multilaterally, bothforsustained growthandfordevelopment, andthebeingtransformed frommechanisms forinternational co-operation intofactors for Japan. Although nothingspecific resulted fromthatmeeting, andthereportsthatscopeandpriorities ofthatco-ordination cannotbedisregar.ded bythisvolatility andinstability. Itisevenmoresignificant ~~atinstitutions designedtheinternational tradeandfinancial situation, whichischaracterized by development areundergoing disturbing changes intheirpurposes andobjectives andeconomiesenduring harshadjustment processes atatimewhenforeigncreditis control andsecu~ity forthebenefitofbiasedinterests.EMS/5 instability ofexchange ratesorofreaching aleyel ~finterndtional liquidity in keeping withthepresentsituation andtheforeseeable needsofthe contracting. Welacktheoperationalmechanisms neededtodealefficiently withBMS/5 A/40/PV.14 14-15 (President Lusinchi) Oilcontinues tobeoneofthebasicelements oftheworldeconomy. The Organization ofPetroleum Exporting Countries (OPEC)isnow25yearsold.Its noteworthy effort~ throughout thattimeconstitute oneofthemostjustclaimsof thera~material~producing countries topromote andaohieve morejust,rational
analysis: The text appears to be a speech or statement from the President of a country, addressing the United Nations General Assembly. It discusses the challenges faced by developing countries, the need for international cooperation, and the importance of economic stability and development. The text also touches on the topics of trade, debt, and the role of international institutions in promoting economic growth and development.