Word: ldcs
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Dates: during 1970-1979
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...greater share of the world's wealth would be directed toward developing countries. Last weekend the fourth United Nations Conference on Trade and Development (UNCTAD IV) adjourned after 24 days of intense bargaining in Nairobi between the industrialized north and the poorer south. Though the less developed countries (LDCs) did not by any means win all their demands, delegates hoped that an eleventh-hour compromise would preserve the fragile climate of cooperation that has characterized north-south, rich-poor economic relations in the past year...
...produced an elephantine mass of paper but little of substance. UNCTAD IV, which will meet for three weeks, had better achieve something more. At issue is the Third World's increasingly clamorous and potentially disruptive demand for a "new international economic order" that would give less developed countries (LDCs) a bigger share of global wealth...
Reaching agreement will not be easy. Meeting last February in Manila, the organization of LDCS known as the Group of 77 (it has expanded to 110 countries) drew up 17 demands that, if adopted, would thoroughly reorganize the workings of international trade. Some of the proposals are patently impractical, and the U.S. is determined to oppose the "Manila Declaration" pretty much down the line. But UNCTAD Secretary General Gamani Corea, 50, an Oxford Ph.D. in economics from Sri Lanka, would view the conference as a success if it can produce agreement on just two subjects: easing the LDCs' crippling...
Mostly because of the high price of oil and of imports from industrialized countries, LDCs have sharply increased their borrowing in the past two years. They now owe an estimated $145 billion to rich nations, to agencies like the International Monetary Fund and to private banks. By the Morgan Guaranty Trust Co.'s estimate, they will have to borrow more than an additional $40 billion this year. Interest and principal payments are swallowing most of the aid that the poor countries get. The Group of 77 will demand that the very poorest countries be granted a moratorium on their...
...onetime colonies, under which commodity-producing nations get special loans if export revenues fall below a certain level. At Nairobi, Secretary of State Henry Kissinger will suggest an International Resources Bank that would borrow money from private firms and governments of developed nations and relend the cash to LDCs to increase raw-materials production...