Countries that benefit from World Bank financing should ensure that all loans they request and all foreign direct investment they receive are used in a manner that advances the enjoyment of human rights and does not result in the enrichment of a few at the expense of the many.

Poverty is no excuse. Development aid has to be linked to economic development,

While one welcomes aid that gets through to help the poorest people in the poorest parts of the world, does my hon. Friend share my concern that some policies, particularly those adopted by the World Bank in its advice to poor countries in receipt of loans it organises, force on those countries economic models that often involve cuts in public expenditure which make the living conditions of people dependent on public services, health, education or housing worse because those countries are pursuing some economic Valhalla similar to that pursued by the present Government? Does he believe that the Government should consider their role in multinational agencies such as the World Bank as well as my hon. Friend's obvious and quite correct concern about the lack of spending on overseas aid in general?

The problem is easy to state: developing countries borrow too much—or are lent too much—and in ways that force them to bear most or all of the risk of subsequent increases in interest rates, fluctuations in the exchange rate, or decreases in income. Given this, it is not surprising that they often cannot repay what is owed.

If the Bank really has development at heart, it will change the conditionalities away from privatization, deregulation and lower corporate taxation and put the emphasis on reducing military expenditures, ensuring that progressive tax legislation is enacted and enforced, that tax havens are outlawed, and that a financial transactions tax is adopted and the revenues used to build “A World Free of Poverty” through international solidarity.

Th direct elimination of elimination of poverty should be the objective of all development aid. Development should be viewed as a human rights issue, not as a question of simply increasing the gross national product (GNP).

The direct elimination of poverty should be the objective of all development aid. Development should be viewed as a human rights issue, not as a question of simply increasing the gross national product GNP.

Self-reliance in no way means “self-seclusion” and rejection of foreign aid. We have always considered it beneficial and necessary for the development of the national economy that countries should carry on economic and technical exchanges on the basis of respect for state sovereignty, equality and mutual benefit, and the exchange of needed goods to make up for each other’s deficiencies.

In the modern system of war, nations the most wealthy are obliged to have recourse to large loans. A country so little opulent as ours must feel this necessity in a much stronger degree. But who would lend to a government that prefaced its overtures for borrowing by an act which demonstrated that no reliance could be placed on the steadiness of its measures for paying? The loans it might be able to procure would be as limited in their extent as burdensome in their conditions. They would be made upon the same principles that usurers commonly lend to bankrupt and fraudulent debtors, with a sparing hand and at enormous premiums.

The federal government says to states, “You have to do certain things before we actually give you aid for roads and for different kinds of services. You know, you can’t discriminate. You can’t violate someone’s right.” We do it to states all the time. We need to do the same thing to foreign countries. We can’t sit back and just give it out freely without using it as leverage to promote peace and to promote true, real justice for all.

It is apparently futile only to insist that the more back­ward countries restrict their birth rates. What is needed most of all is economic and technical assistance to these countries. This assistance must be of such scale and generosity that it is unlikely before the estrangement in the world and the egotistical, narrow-minded approach to relations between nations and races are eliminated.

We hold that international trade should be based on the principles of equality, mutual benefit and the exchange of needed goods. We support the urgent demand of the developing countries to improve trade terms for their raw materials, primary products and semi-manufactured and manufactured goods, to expand their market and to fix equitable and favourable prices. We support the developing countries in establishing various organizations of raw material exporting countries for a united struggle against colonialism, imperialism and hegemonism.

The socialist countries must help pay for the development of countries now starting out on the road to liberation.

Our policies of assistance to the developing world are based not solely on altruism but also on self-interest. There are three major areas where our interests are affected by our policies toward the developing world: our economy, our security, and the ominous increase in the number of refugees clamoring to come to the United States ... unless the economies of the Southern Hemisphere grow, this flood of refugees from the developing world will become a deluge.