an important step, but stressed the need for further innovative actions by the international community, including transnational banks and their home countries, to effect a reduction of debt commensurate with the needs of debtor countries, and they voiced their support for the proposals contained in the report of the Secretary-General on the subject. The need for reversal of net outflow of resources from debtor countries and for injection of fresh capital was emphasized. In that context, it was also observed that the criticism often addressed to developing countries with respect to capital flight was not always appropriate since, in many cases, capital flight was facilitated by transnational banks. 77. Some delegations commended the report of the Secretary-General on the role of transnational banks and the external debt, in particular the studies regarding the need to reduce the debt in Latin America, and recommended a continuation of that work by the Centre. 78. Some delegations, while recognizing that the Commission on Transnational Corporations and the Centre had a useful role to play in the area of debt owed to transnational banks, observed that Bretton Woods institutions were the primary forums for discussion of the relevant issues. A few delegations elaborated on the steps taken by the respective countries to reduce the burden of debt. 79. A few delegations indicated that, in order to facilitate debt reduction measures by transnational banks, steps were required also on the part of Governments of countries which are home to those banks, particularly in the field of tax and accounting regulations. 80. Some delegations observed that though the report presented before the Commission was useful for the further work of the United Nations with regard to tl1e debt problem, the recommendations could be maJe more specific a~d concrete. One 
**Analysis**
The text discusses the debt problem faced by debtor countries, the role of transnational banks and their home countries in reducing debt, and the need for international cooperation to address this issue. The language used is formal and technical, suggesting a focus on economic and financial issues. The text also touches on the need for policy changes, such as tax and accounting regulations, which further supports an economic focus.

**Category**
Economic development, International trade