external finance is indispensable to achieve rising per capita income growth and development. Reorientation of domestic policies and mobilization of internal savings are important, but will not substitute for external sources of finance. 122. The Committee believes that research on the capital needs of the developing countries and the sources and trends of capital flows to them in the 1980s and 1990s is a priority item and urges the Secretariat to complete the study which the Committee reauested at its May 1984 session on the structure and trend of financial flows to developing countries and how these might be improved and expanded to facilitate development. Specifically, the study should focus on the conditions and determinants of capital supply and alternative scenarios for projected capital demand and supply spelling out the trade-off between capital and growth. The study should examine and assess alternative projections of capital reauirements of various international institutions, bearing in mind the conceptual issues involved in such exercises. The scope for policy intervention should be addressed as well, -25- with special attention paid to the possibilities of developing new instruments. Finally, the study should identify the main issues to which the Committee might direct its attention. 123. Following past practice, the Committee requests the Secretariat to make arrangements for the presentation of the report to the Economic and Social Council by the Chairman, and for a two-day meeting of the Bureau of the Committee and other members proposed by the Chairman to consider the implementation of the work programme. In order to minimize costs, the meeting should be scheduled for the first half of July at Geneva on the occasion of the presentation by the Chairman to the Council of the Committee's report. -26- V. ORGANIZATION OF THE SESSION 124. The twenty-first session of the Committee for Development Planning was held in 
**Analysis**
The text discusses the importance of external finance in achieving economic development and growth, specifically in developing countries. It emphasizes the need for research on capital needs and trends of capital flows, as well as policy interventions to facilitate development. This suggests that the topic is closely related to economic development and international trade.

**Category**
Economic development, International trade