UN General Assembly
1977

12. May I reiterate an important observation that Grenada has been making at other international forums to the effect that it is somewhat significant that international lending agencies sometimes operate against the interest of developing countries. In this connexion Grenada is fully convinced that the international lending agencies require a fundamental reorganization of their traditional and outdated criteria in evaluating a country's qualifications for borrowing, as well as a reorganization of their policies and their operations. We urge them to take greater cognisance of the political and social realities prevailing in small developing countries and to modify their approach in appraising the needs of such countries. For example, we are often advised to cut expenditure and/or increase revenue in order to achieve a specific objective. In any economy like Grenada's, the scope for increasing revenue is very limited, but when we painfully impose measures for raising the necessary revenue we hear talk of multiple currency practices contravening the philosophy of the agency. This is all confusion and represents an imperfect appreciation of the realities of life in small developing countries.