UN General Assembly
1977

Such agreements should operate to protect agreed minimum prices, in real terms, for those commodities, and should be supported by a substantial improvement in the terms and scope of existing compensatory financing arrangements so as to offset residual fluctuations in real export earnings of individual developing countries. Of crucial importance in this context is the common fund. While the understandings reached at the Paris Conference on International Economic Co-operation have given considerable impetus to the negotiations on this issue, it is the hope of my Government that the forthcoming negotiating conference will move away from the debate on whether or not the fund should be established and come to grips with the question of the character and modalities of the fund.