solution to the critical debt problem requires nore comprehensive measures. At the same time, the effective and improved implementation of machinery. such as the Common Fund for Commodities of the United Nations Conference on Trade and Development (UNCTAD), the Stabilization System for Export Earninqs of the Lome Convention (ACP-CEE) (STABEX) and the Facility for the Compensatory Financing of the Unforeseen of the International Monetary Fund, would make a significant contribution to the lastinq stabilization of commodity Prices. Of limited scope and endowed with financial resources well below the needs for comnodities as a whole, that machinery could be supplemented by other formulas such as compensation based no longer on the global volume of export earnings but. rather on levels of Prices set in accordance with a balanced price defined in a way designed to reconcile the needs for servicing and financing the foreign debt with the imperative needs of growth. These proposals are made without prejudice to the conclusions of the United Nations Special Group of Hiqh-Level Experts entrusted with the study of problems with regard to commodities. under the chairmanship of His Excellency Mr. Malcolm Frazer. former Prime Minster of Australia. The readjustment of commodity prices raises the more qeneral problem of liberalization of international trade, which has been characterized by a pervadinq BHS/dl A/S-18/PV.2 119 (Mr. Sy, Senegal) protectionism, in particular in the markets of the industrialized countries, and which seriously threatens the industrialization efforts of the countries of the South. That is why Irr{ country places high hopes on the next session of the Generalized System of Preferences and the eighth session of the United Nations Conference on Trade and Development in 1991. The numerous external factors hampering the growth and development of the countries of the South require a shared will on the part of the North and the South 
**Analysis**
The text discusses the critical debt problem, commodity prices, and international trade, highlighting the need for comprehensive measures to address the issue. It also touches on the importance of liberalization of international trade and the role of organizations such as UNCTAD and the International Monetary Fund. These themes suggest that the text is primarily focused on economic issues.

**Category**
International trade, Economic development