The World Bank organized a symposium in 1989 to discuss the global debt crisis. The symposium brought together experts to talk about how highly indebted countries can manage their debt burden, with a focus on reducing debt and promoting economic growth. The symposium covered various topics, including different ways to reduce debt, the impact of the Brady Initiative on debt reduction, and the need for stronger debt reduction processes. By the end of 1989, highly indebted countries will owe around $500 billion, with debt service taking up a large portion of their export earnings.