flows nor savings or fiscal strategies can provide sufficient funding for development needs and often lead to such ugly scenarios as the severe curtailment of essential expenditures or the raising of taxes to bolster fast-depleted internal revenues. Such are the harsh choices faced by the poor third-world countries, i I: I I I i I I ! I,' RM/31 A/S-18/PV. 2 147 (Mr. Farah, Djibouti) which are expected to make additional sacrifices in order to embrace market forces and include structural-reform programmes. The fact is that a number of crucial issues deserve serious examination prior to eventual consideration of one policy option over another. The fulfilment of priority-reform programmes will inevitably entail considerably enhanced assistance from bilateral donors and multilateral financial institutions. Here, what is needed is a clearly defined and unambiguous commitment to the creation of an envirooment conducive to the acceleration of the growth process in the developing nations. That commitment must transcend stereotyped assumptions and should set minimum standards for the socio-economic progress of the least developed countries, which are vulnerable and can barely withstand external shocks. As was widely emphasized last month at the meeting on international development strategy, reform effort by developing countries cannot have a full and effective impact without a favourable international economic environment conducive to growth and devlopment. This requires consistently supportive economic, monetary and fiscal policies by the industrial countries with a view to eliminating the major imbalances in the world economy. The 1989 IMF report correctly notes that: "It is important that the external environment be favourable: positive terms of trade, buoyant markets and lower interest rates." Significant and concerted efforts need to be directed to minimizing global economic variables among the developed countries so that harmony may be achieved to reduce the imbalances in their economies. Such practical roves can enhance not 
**Analysis**
The text primarily focuses on the economic challenges faced by developing countries and the need for a favorable international economic environment to support their growth and development. The discussion highlights the importance of structural-reform programs, assistance from bilateral donors and multilateral financial institutions, and the need for industrial countries to adopt supportive economic, monetary, and fiscal policies. The text does not specifically mention natural resources, environment, agriculture, forestry, fishing, industry, transport, communication, health, education, employment, or humanitarian aid and relief. It seems to be more focused on economic development and international trade.

**Category**
Economic development, International trade