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 the environment brought about by the swelling number of the urban and rural poor in desperate struggle for survival. A substantial part of Latin America's rapid growth in exports are raw materials, food, and resource-based manufactures.

24. So Latin American natural resources ate being used not for development or to raise living standards, but to meet the financial requirements of industrialized country creditors. This approach to the debt problem raises questions of economic. political, and environmental sustainability. To require relatively poor countries to simultaneously curb their living standards, accept growing poverty. and export growing amounts of scarce resources to maintain external creditworthiness reflects priorities few democratically elected governments are likely to be able to tolerate for long. The present situation is not consistent with sustainable development. This conflict is aggravated by the economic policies of some major industrial countries, which have depressed and destabilized the international economy. In order to bring about socially and environmentally sustainable development it is indispensable. among other elements. tot industrial countries to resume internationally expansionary policies of growth, trade, and investment. The Commission noted that, in these circumstances, some debtor countries have felt forced to suspend or limit the net outflow of funds.

25. Growing numbers of creditor banks and official agencies are realizing that many debtors simply will not be able to keep servicing their debts unless the burden is eased. Measures under discussion include additional new lending, forgiveness of part of the debt, longer-term rescheduling, and conversion to softer terms. But a necessary sense of urgency is lacking. Any such measures must incorporate the legitimate interests of creditors and debtors and represent a fairer sharing of the burden of resolving the debt crisis. /…