exports. Indiscriminate trade liberalization, the credit squeeze and steep exchange rates often reduce local production and encourage trade in imported commodities. The reduction of budget deficits means cuts in social services, while exchange rate adjustments and the elimination of subsidies means higher prices at the very time that unemployment and low wages prevail. The deficiencies in the structural adjustment programmes need to be eliminated through policy changes which will enable self-reliant and self-sustained development. If structural adjustment programmes are not seen by the people as ensuring their well-being and improved living standards, social and political crises will develop that will make their value questionable. Many of the developing countries carrying out structural adjustment programmes, such as Ghana, have reached the stage where the productive base must be expanded to create wealth RH/3 A/S-18/PV. 4 7 (Mr. Obed Asamoah, Ghana) and employment through increased levels of domestic investment. The production of tradable goods, partic~larly for the export sector, is crucial. But there must be markets to which these goods can be exported, and there must be resources to finance the expansion. As developing countries adjust to the adverse international economic situation, so must the industrialized countries also adjust to the major imbalances existing among them.. Developing countries alone should not be made to bear the burden of adjustment. These imbalances have given rise to protectionist pressures, high interest rates and exchange-rate instability, with adverse consequences for the exports and external-debt situation of developing countries. It is also important that international economic policy co-ordination should be broadened to give a voice to the developing countries in decision-making. It is not acceptable that a small group of nations, however well-meaning, should arrogate to themselves the right to take decisions affecting the interests of all. As the Secretary-General points out in his report, international policy co-ordination 
**Analysis**
The text discusses the challenges faced by developing countries in achieving self-reliant and self-sustained development, specifically in the context of structural adjustment programs. It highlights the need for policy changes to promote local production, reduce budget deficits, and ensure social services, while also calling for international economic policy coordination to give a voice to developing countries in decision-making.

**Category**
Economic development, International trade