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Article: Developing countries owe more than $1,000 billion; solutions must be urgently sought.
- Article from:
- UN Chronicle
- Article date:
- March 1, 1988
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Developing countries owe more than $1,000 billion; solutions must be urgently sought
The size of the external debt of developing countries -- more than $1,000 billion in 1987 -- continues to increase, Secretary-General Javier Perez de Cuellar has reported. Some $700 billion was owed to private creditors, mostly banks, and somewhat over $300 billion to official creditors, including international financial institutions. At the end of 1986, total debt amounted to twice the export earnings of capital-importing developing countries.
In his report of September 1987 on the persisting economic problem, the Secretary-General stated that solutions to external ...