UN General Assembly
1978

102. On monetary issues, the international community has not yet agreed on the reforms required in the international monetary system in order to meet the needs of the developing countries for a better distribution of international monetary benefits, including a more equitable distribution of international liquidity and a full part in the decision-making machinery of the IMF. As regards the transfer of resources, all the developed countries have not yet given an unqualified commitment to increase their official development assistance to attain the target of 0.7 per cent of their gross national product by 1980. The only concrete, positive developments in the monetary field have been the recent announcements by the Governments of Sweden, Canada and the United Kingdom cancelling the official debts of the least developed among the developing countries. We welcome that step and should like to urge other developed countries to follow this noble example. Action is, however, still pending on the reorganization of the entire debt system, including renegotiation of existing debts, so as to give it a more developmental and less commercial orientation.