UN General Assembly
1974

118. At this session we again urge that the official component of the net transfer of financial resources to the developing countries should be increased so as to attain the targeted level of 0.7 per cent by 1975. Furthermore, we suggest that grant elements should constitute a higher percentage of all development aid. To be truly effective, development loans must be concessionary and untied. We also feel that-the inter-national financial institutions must increasingly adjust their lending policies to meet the needs of the developing countries.