theregular sessions, including theworkofconsultants aswellastheSecretariat, andwasinformed bytheSecretariat thatitsproposed workprogramme couldbe carried outwithin thecurrent budgetary appropriations. A.Workprogramme forthetwenty-seventh session 1.Reform insocialist CQuntries 167.Economic andpolitical reforms underwayinEastern Europe, theSoviet Union andsocialist countries ofAsiaarelikelytohavefar-reaching consequences not onlyfortheirowndomestic economic performance, butalsofortheworldeconomy andthedeveloping countries. Restructuring ofcentral planning oritsreplacement bymarket mechanisms willinvolve, interalia,rationalization andmodernization of productive sectors andtheintegration oftheireconomies morefullyintotheworld economy, whichwillhaveimplications forthedirection oftrade. Thereisconcern thatintheshortrun,developing countries willfacemorecompetition for international capital flowsandintheirexport markets. Inthemedium term,a morefullyintegrated worldeconomy canbeexpected tooffergreater scopefor spp.cialization andanimproved international division oflabour, whichwould benefit allcountries. 168.Atpresent thereisconsiderable uncertainty regarding thepaceandextent of reforms, theabsorptive capacity oftheseeconomies andthespeedwithwhichthey willexpand anddiversify exports, allofwhichhaveimplications forfuture patterns oftradeandfinance andforworldeconomic growth. 159.TheCommittee proposed tolookintotheseandotherrelated issues by convening arepresentative working groupoffromfivetoeight me~bers and technical experts, chaired byKarelDyba(Geneva, 26-30November 1990). 2.International financial co-operati~~deve1Q2~ 170.Inordertogiveeffect toanewinternational development strategy forthe 1990s,international co-operation needstobeintensified inordertorestore growth whereithasbeenflagging andtoreinforce effective policies wherethe r~cor~ ha~heensatisfactory. Anassessment isneeded regarding thevolume, dlst~lbutI0? and~uality ofaid,inclUding aid-tying, aiddepecdency, andprospects forIncreasIng prIvate foreign investment indeveloping countries. Another setof -48-issuesisrelated totheinstitutional arrangements foraidandthepolicies of international financial institutions. Arelated setofissuesconcerns the widespread trendstowards democratization andparticipation, theirrelationship to povertyalleviation, andtheroleofinternational development efforts in supporting suchtrends. Anewissueinthe1990swillbethesizeandutilization ofthepeacedividend madepossible bytheeasingofEast/West tensions andthe resolution ofmilitary conflicts invarious partsofthedeveloping world. This issueisnotconfined toreducing military expenditures indeveloped countries. Theneedtoreducemilitary expenditures indeveloping countries andchannel the savingstowards development hasnowassumed urgentproportions. Another issueis ~eeffectiveness oftheprogrammes ofstructural reformsupported bythe international financial institutions. Stillanother issueconcerns thecriteria usedforprioritization ofaid.Theroleofthelistofleastdeveloped countries andtheadequacy ofthecriteria usedtorecommend countries forinclusion onthe listwillbeconsidered. 171.TheCommittee proposed tostudytheseaspects ofinternational co-operation through aworking groupoffromfivetoeightmembers, inclUding technical experts, andchaired byJustFaaland (NewYork,13-16November 1990). B.Aprovisional workprogramme forthetwenty-eighth session (1992) 1.Economic reformindeveloping countries 172.Besetbyinternal andexternal imbalances arising fromlargeexternal shocks and/orpolicyshortcomings, manydeveloping countries havebeenimplementing economic reforms. Thegeneral direction ofthereforms hasbeentowards greater reliance onmarketforces, greater outward orientation, areduced roleforthe publicsectorindirectly productive activities andgreater fiscal andmonetary discipline. Forthemostpart,thereforms havebeencarried outunderageneral framework whichisoftenreferred toasstructural adjustment. Theresults ofthe
**Analysis**
The text appears to be discussing various economic and financial issues related to developing countries, including economic reforms, international cooperation, and the impact of global events on trade and finance. The language used is technical and formal, suggesting that it may be a report or proposal from a international organization or government agency.

**Category**
Economic development, International trade