efforts, parlicularly in the major borrowing countries. Although country positions vary on particular aspects of the agenda to be discussed, the dominant viel' appearsto be tha!, given vrhat they perceive to be the somewhat brighter prospects for thelrorld econony ln the remainder of the decade, debtor countriesr persistance intheir adjustment efforts is the key to the restoratlon of their cr edi trfor thiness and the resumpeion of bank lending, Therefore, domestic economic polici.es areultimately the major factors in determining market access to and cost of credit for major developlng countries. Contlnulng co-operation between debtor and creditorcountries, the IMF/WorId Bank and the najor banks ls considered crucial tosuccess. while a globa] view of the norld debt problem is needed, debtrestructuring, according to many developed countrles, has to be undertaken on a case-by-case basis. 116. At the sane tine, many developed countries accept ehat the efforts of the developing countries need to be supported by adeguate external finance and tradeIiberalization. They recognize that many developing countries do not have accessto private international capital markets and that they must rely on resourcesprovided essentially through nultilateral and bilateral official channels, the mediurn-term outlook for which is, however, becoming lncreasingly unclear. 117. On reform of lhe lnternational nonetary 6ysEem, developed countries ln general seem to suggesE that the present system has served the international economy well and needs strengthening rather than a major overhaul,, The system o€ floating exchange rates has, according to these countries, worked reasonably well, and areturn to fixed parities is impractical at present. NevertheLess, they agree thatthe system has al-so shoen some weaknesses. I! is recognized that a greaEer degreeof exchange stability than has been vritnessed so far is desirable, and is to be achieved through close co-operation among lhe major industriallzed countries, the
**Analysis**
The text appears to be discussing international economic issues, specifically the debt crisis and the role of international institutions in addressing it. The language used is technical and focused on economic concepts such as credit, lending, and exchange rates. The text also touches on the importance of cooperation among countries and the need for adequate external finance and trade liberalization.

**Category**
International trade, Economic development