UN General Assembly
1977

10. Serious -problems exist in respect of debt and the availability of adequate operating credit. At present, the volume of credit available through IMF is not adequate and it is offered on terms which do not necessarily assist development objectives. The modifications to the articles and procedures of IMF agreed to in Jamaica in 1976 have therefore failed so far to recognize the qualitative change in the balance-of-payments problems of developing countries. Those modifications failed further to address themselves to the restrictive conditionality criteria for access to the resources of IMF. The problems involved in ensuring the adequacy of credit, both short-term and long-term, are enormous. All this points to the urgent need to re-examine the structure, functioning and orientation of the existing institutional framework.