The present arrangements for providing developing countries, and in particular the least developed countries, with international finance are inadequate in both quantitative and qualitative terms. Fundamental changes seem necessary. These changes might incorporate the establishment of a new...

The principal cause of the balance of payments deficits of the non-oil developing countries has altered since 1973: exogenous factors now play a far more important role than previously. The appropriateness of the conditions conventionally attached to IMF drawings needs to be re-examined in this...