Ministers from the Group of 24developing coutries said that the debt crisis was entering a
new and dangerous phase and called for the formation of a
ministerial committee to examine solutions to the problem.
    In a statement following a meeting of the ministers, they
said that the "existing (debt) strategy offers no prospect for a
lasting solution to the debt problem."
    The statement said that there should be a new attitude and
approach in respect of the existing stock of debt and called
for current flows and future credits to be examined by
governments, multilateral and banking institutions.
    The statement also said that the prospects of the least
developed countries continue to deteriorate and "will improve
only if commensurate financing on concessional terms is made
available."
 Reuter
