participation of a few countries -has not delivered the results that were widely and initially expected from it. It does not come as a surprise that the key players in the co-ordination process have given little or inadequate attention to such commonly identified weaknesses in the present international liquidity to finance economic activities, such cs the restricted nature of surveillance by the multilateral financial institutions and the absence of symmetry in the adjustment process. The issue of lack of symmetry in adjustment by nations deserves special emphasis. The existing international monetary arrangement was founded on the premise that both deficit and surplus countries would adjust, so as to promote sustained growth in the world economy. Tbday the reality is very different: only certain deficit countries have been required to adjust, while the countries with JSM/td A/S-18/PV. 5 37 (Mr. Lukman, Niqeria) surpluses, and even some with deficits, operate outside the premise of that requirement. The countries with surpluses have an obligation to reinforce the economic reform process by providing adequate financial resources to underpin the efforts of countries undertaking them. Thirdly, the conventional notion that sustained qrowth in the industrialized nations would serve as an enqine of growth in the South has not been borne out by the events of the 1980s. The industrialized nations have had about eiqht years of uninterrupted expansion, yet the economies of the vast majority of the countries in the South have either stagnated or declined. This emerqinq dual pattern of economic performance is attributable to many factors, prominent amonq which are the escalating indebtedness, the sharp decline in prices of many commodities, protectionism, the decline in foreign investment, and the net transfer of resources from the developing to the developed nations. Fourthly, the pervasiveness and depth of decline and stagnation in many 
**Analysis**
The text discusses the issues and challenges faced by the international community, particularly in the context of economic development. It highlights the shortcomings of the current international monetary arrangement, the lack of symmetry in adjustment processes, and the impact of global economic trends on developing countries. The text also touches on the theme of economic growth and development, highlighting the disparities between industrialized and developing nations.

**Category**
Economic development, International trade