AHG/Res. 134 (XX) RESOLUTION ON THE EXTERNAL DEBTS OF AFRICAN COUNTRIES The Assembly of Heads of State and Government of the Organization of African Unity, meeting in its Twentieth Ordinary Session in Addis Ababa, Ethiopia, from 12 – 15 November, 1984, Having examined the serious debt problem of African countries, Considering that the external debts of African countries have, in recent years, experienced a continuous and alarming progression coupled with high interest rates, fluctuation of exchange rates and increase in the average ratio of debt servicing, Underlying the fact that the external debt burden of the African countries is not likely to imperil the international financial system but rather the servicing of those debts represents for each African country a burden and, therefore, requires an urgent solution, Recalling that despite the adjustments and heavy sacrifices made, export earnings of non-oil producing developing countries will not be enough to alleviate this debt burden, Considering that the respect of the debt maturity dates and the concomitant exigency of growth as well as real development are authentically related in the present situation, Aware of the fact that a mutual commitment of African debtors and creditors of the industrialized countries as well as better utilization of the available resources will enhance growth and development, Noting that in this area, the responsibility is shared between the debtor countries, the industrializes countries and the financial and banking institutions: