UN General Assembly
1997

measures aimed at ensuring, among others, macroeconomic stability, inflows of foreign direct investment, open and free markets and stable and transparent legal and regulatory frameworks. However, it is pertinent also to point out that despite these efforts, many African countries, and especially the least developed countries, continue to face important policy challenges, particularly in the areas of enhancing resource mobilization and allocation, strengthening savings and investment and financing development. The difficulties inherent in these challenges are compounded by the adverse impact of globalization and liberalization. These countries have not participated in, nor benefited from, globalization. On the contrary, they have become even more marginalized in the global economy for the very simple reason that they lack the physical, financial and human resources as well as the institutional infrastructure necessary for effective competition and integration in the international markets. In specific terms our countries, despite various structural reforms, have been unable to attract in sufficient quantities the necessary capital inflows for investment, and are confronted at the same time with domestic supply-side constraints which limit our export potential, an