Economic Crisis
One of the most important issues before the meeting was the problem facing the countries most seriously affected by the current economic crisis, which figured prominently in my conversations with my colleagues. In my statement, among other things, I drew particular attention to the enormous imbalances characterizing the present deteriorating global economic situation. Apart from calling for speedy implementation, particularly by developed countries, of various decisions for remedial action, already adopted in the United Nations and related forums, I also stressed the urgent need for mutual co-operation among nonaligned countries to help each other.
The Declaration issued at Havana has an economic part, which analyses succinctly the present situation. In the field of co-operation among non-aligned countries, I am glad to state that the following important decisions were taken:
(i) The importance of the measures for additional aid proposed in the Algiers OPEC summit declaration has been noted, and the need for their speedy implementation stressed.
(ii) Trilateral co-operation using technology and resources available in different countries for development in a third country has been emphasised.
(iii) Concrete follow up measures to be recommended in time for the Lima Conference on buffer stocks financing as proposed in the Dakar conference resolution.
(iv) Recommendation to the Lima conference to adopt and bring into existence the non-aligned solidarity Fund.
It is my assessment that the OPEC countries are not insensitive to the problem facing the most seriously affected countries. Many of them have individually pledged support. The OPEC summit declaration of Algiers also represents a manifestation of their collective will. However, the balance of payments problem facing so many of the developing countries is so enormous that much more needs to be done and that too urgently. Therefore, while we are appreciative of all that the OPEC countries are doing we will continue to stress the gravity of the situation and the need for concrete measures being adopted ---relieve the heavy burdens placed on several countries including India.