A declaration for achieving universal basic education adopted by the World Conference on Education for All in Jomtien, Thailand, as it relates to Latin America is discussed in this paper. The document then offers an examination of educational expansion in Latin America, a discussion of disproportionate educational budget cuts, and an analysis of challenges that stem from two trends: (1) the growing gap between population growth and educational expansion; and (2) low educational quality and high repetition rates. Proposals are offered for major, gradual educational reforms based on an increased level of fiscal resources, and a change in resource management responsive to economic needs. The major obstacle to implementation is argued to be the political economy of education and of adjustment. International support of local initiatives is important in achieving basic educational equity. (33 references) (LMI)