The world debt crisis in the 1980s and 1990s led to over $100 billion being transferred from highly indebted countries to creditors. By the end of 1989, these countries will owe around$500 billion, with debt payments taking up a large portion of their export earnings. A symposium organized by the World Bank in 1989 discussed how debtors, creditors, and the international community can work together to solve the crisis. The symposium focused on the relationship between debt, economic management, and growth, emphasizing the need for debt reduction. Various mechanisms for reducing debt were explored, including the Brady Initiative, which aims to reduce debt and debt servicing for highly indebted countries.