In the area of development, it is clear that multinational and transnational corporations play a crucial role today in world economic affairs. - Étienne Gnassingbé Eyadéma

The African debt problem was also of concern to the OAU Heads of State and Government at the Lomé summit. At a session more than 12 years ago, the African countries adopted a common position on the African foreign debt crisis. Unfortunately, our continent continues to be the region of the world where the debt burden is heaviest. As the General Assembly noted last year in resolution 54/202, "the continuing debt and debt-servicing problems of heavily indebted developing countries", are one of the factors that hinder their development and economic growth. This finding should motivate the international community, especially the developed countries and international financial institutions, to take more courageous measures, such as the outright cancellation of the African countries' debt. Such a decision would greatly contribute to the success of the efforts of our countries, which have committed themselves to implementing sustained programmes to eradicate poverty.

It is well known that our continent is not afflicted solely by the economic underdevelopment that puts it in last place in terms of the quality of life. It is also a region of the world where numerous lethal conflicts continue to sow death and desolation.

As the world's least developed region, Africa suffers from a number of specific ills which hamper its growth and for which it is important that the international community help provide a substantial, effective remedy.