one. of the direct consequences of the retreat of multilateralism in the 1980s has been the stagnatioo in official development assistance at less than half of the internationally accepted targets. Similarly, foreign direct investment and commercial lending flows have, en the whole, fallen sharply. At a time when the developing countries are seriously engaged in effecting structural adjustments and in improving the foreign-investment clil'R:lte in their economies, it should be reasonable to expect the developed countries to match these efforts by facilitating the continuity, predictability and assuredness of enhanced financial flows to the developing countries, specifically by increasing their official development assistance so as at least to meet the previously agreed target of 0.7 per cent of gross national product. The grOl<iing financial outflOl<is from developing countries in the form of external-debt payments constitute one of the most debilitating deterrents to sustained developnent. A comprehensive and development-oriented solution to the debt problem, anchored in the shared responsibility of both debtors and creditors, and providing effective debt reduction as well as adequate new flo,s for oontinued growth, is imperative. JSM/edd A/S-18/PV. 2 70 (Mr. Alatas, Indonesia) Developing countries acknowledge that their economic progres; depends as much, if no~ more, on the implementation of sound domestic policies as it does on international action. But in the world economic conditions in which we live today, it is equally beyond question that sustained economic progress at the national level can be made only if it can be assured at the global level as well. Because of.time oon~traints, I shall not read the rest of my statenent. Let me now conclude by saying that as we aproach the start of a new millennium, rapid and fundamental change is sweeping the world, and this process of change clearly possesses its o-wn momentum. Hence, the ultimate question before us is whether we 
**Analysis**
The text discusses the consequences of the retreat of multilateralism on official development assistance, foreign direct investment, and commercial lending flows, highlighting the need for developed countries to increase their financial support to developing countries. It also touches on the debt problem and the importance of international action for sustained economic progress. These themes suggest that the text is primarily focused on economic development and international cooperation.

**Category**
Economic development, International trade