GATT MEETING HEARS PLEA FOR AFRICAN DEBT RELIEF
Debt among African countries
will continue to grow and their economies remain stifled unless
developed countries lower their interest rates, Nigerian Trade
Minister Samaila Mamman said.
    He told an informal General Agreement on Tariffs and Trade
(GATT) meeting the widening gap between developed and
developing countries and an inequitable international economic
system were major impediments to growth in developing
countries.
    Delegates from 23 countries are attending the GATT talks in
the New Zealand resort of Taupo.
    "I wish to emphasise that the growth in the volume of the
external indebtedness of African countries reflects the full
effect of the deflationary monetary and trade policies of the
developed market economy countries," Mamman said.
    "The developed market economy countries have slowed down
output growth thereby drying up markets for the commodity
exports of African countries."
    Mamman said the World Bank estimated 35.3 billion dlrs a
year would be needed over the next five years for the African
continent to be able to achieve a gross domestic product growth
(GDP) rate of three to four pct by 1990.
    Yet at the same time Africa's debt service was estimated at
24.5 billion dlrs a year between 1986 and 1990.
    "With the best of intentions Africa cannot attain a three to
four pct GDP growth rate if the current high level of debt
persists," Mamman said. Developed countries must seek
alternatives to policies that resulted in the transfer of
resources and more indebtedness, he said.
    "The international community cannot fail to respond
positively to the collapse of the international market for
commodities ... And act quickly to stabilize demand and prices
of our commodity exports," he added.
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