GATT MEETING HEARS PLEA FOR AFRICAN DEBT RELIEF

  Debt among African countries
  will continue to grow and their economies remain stifled unless
  developed countries lower their interest rates, Nigerian Trade
  Minister Samaila Mamman said.
      He told an informal General Agreement on Tariffs and Trade
  (GATT) meeting the widening gap between developed and
  developing countries and an inequitable international economic
  system were major impediments to growth in developing
  countries.
      Delegates from 23 countries are attending the GATT talks in
  the New Zealand resort of Taupo.
      "I wish to emphasise that the growth in the volume of the
  external indebtedness of African countries reflects the full
  effect of the deflationary monetary and trade policies of the
  developed market economy countries," Mamman said.
      "The developed market economy countries have slowed down
  output growth thereby drying up markets for the commodity
  exports of African countries."
      Mamman said the World Bank estimated 35.3 billion dlrs a
  year would be needed over the next five years for the African
  continent to be able to achieve a gross domestic product growth
  (GDP) rate of three to four pct by 1990.
      Yet at the same time Africa's debt service was estimated at
  24.5 billion dlrs a year between 1986 and 1990.
      "With the best of intentions Africa cannot attain a three to
  four pct GDP growth rate if the current high level of debt
  persists," Mamman said. Developed countries must seek
  alternatives to policies that resulted in the transfer of
  resources and more indebtedness, he said.
      "The international community cannot fail to respond
  positively to the collapse of the international market for
  commodities ... And act quickly to stabilize demand and prices
  of our commodity exports," he added.
  

