And household deleveraging in the US will take a long time.

Significant steps have also been taken to reduce the burden of debt on the most heavily indebted poor countries.

We should also commend the G 8 countries on what they have done to provide debt relief to 16 African countries but other countries also suffer from debt, and the G 8 should give similar attention to countries that have the same problems.

Local governments indebtedness soared, and fixed investment surged toward an unprecedented 50 of GDP.

Unfortunately, as a result of the private sector deleveraging and an increase in household savings, the US economy, driven by debt and consumption, slid into recession.

To offset the negative impact of private sector deleveraging on growth, the US government has maintained expansionary fiscal and monetary policies.

But safer, less indebted banks are better able to continue lending without becoming distressed or needing support.

My delegation welcomes the commitment made recently at London by the G 8 to cancel the multilateral debt of the 18 most indebted countries.

For instance, the SADC countries have a total debt stock of 78.1 billion, with an annual total debt service amounting to 6.8 billion.

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Lenin may have gotten the underlying analysis wrong, but today we know that his conclusion may have been right for another reason financial capitalism forces a country into unsustainable indebtedness.

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By the end of 2012, the combined liabilities of 36 of the most indebted local governments totaled roughly 3.8 trillion ( 620 billion), up nearly 13 from 2010.

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Management additional inputs and outputs

Accordingly, the present report reflects in the framework components only additional or revised indicators of achievement and outputs.

Management reduced inputs and same outputs

The total amount was assessed on Member States.

The expenditure for the period from 1 May to 30 June 2004 amounted to 34,556,100.

Expenditure for the period from 1 May to 30 June 2004 (Thousands of United States dollars)

The lower requirements resulted mainly from overestimation of the cost for the deployment travel of civilian police officers.

The reduced requirements resulted mainly from delays in the recruitment of staff during the short period of time.

The lower requirements resulted mainly from the fact that only 161 vehicles were procured as of 30 June 2004 compared to 277 provided for in the commitment authority.

The lower requirements were mainly attributable to the delayed deployment of the military, civilian and police personnel, leading to reduced needs for medical services and supplies.

The reduced requirements were attributable to the fact that no observation equipment could be procured during the short period of time.

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