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On September 12, 1985, the United Nations Conference on Trade and Development called for debt cancellation of least developed countries
40 years ago today, September 12, 1985 (July 28, 1985 in the lunar calendar), the United Nations Conference on Trade and Development called for the cancellation of the debt of the least developed countries. On September 12, 1985, the United Nations Conference on Trade and Development issued a report stating that the economic conditions of the world's 36 least developed countries will continue to deteriorate in the 1980s. These 36 countries are mainly in Africa, with a total population of 300 million. The per capita output value of these countries is only 1/50 of that of Western industrial countries. The study said that in 1982, the overall economic growth rate of the least developed countries fell significantly to only 2%, while estimates of economic growth in 1985 suggest "no growth or decline in reality." The report pointed out that the economies of the least developed countries were affected by the global economic recession in the early 1980s, but now they are facing pressure from debt repayment and Western countries to continue trade protectionism. The report believes that the economic situation in the least developed countries has further deteriorated in recent years, in part because industrialized countries have not provided enough aid. Under a ten-year plan agreed in 1981, industrialized countries pledged to provide minimum aid to the least developed countries, doubling aid in 1985 or increasing the amount to 0.15% of their country's gross national product. However,"the implementation of this guarantee has been very poor." Aid provided by governments between 1980 and 1983 remained between $6.5 billion and $6.9 billion, far short of the expected amount of $9.7 billion. The report requires industrialized countries to write off the debt of all least developed countries or not pay interest from debtor countries, while expanding preferential treatment for exports such as agricultural products, textiles and footwear from these countries.


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