countries of the developing world. They are using this power to enforce, often in the most extreme form, a specific ideological nodel of economic management. This not only conflicts with the basic expectation of people that their sovereign Governments have the responsibility for taking fundamental economic and social decisions but is not necessarily relevant to the needs and capacities of all ' JSM/edd A/S-18/PV. 2 29 (Mr. Coore, Jamaica) countries and to the same extent. Under the general rubric of structural adjustment programmes, countries are being obliged to follow policies of undifferentiated interest rates, non-protective tariffs, removal of subsidies from basic necessities, rigidly defined fiscal parameters and exchange control liberalization, amom many others. Failure to follow these policies results in the denial not only of access to the funds of these institutions themselves but, increasingly, to any form of commercial or even bilateral credit. These policies reflect the current preoccupation of the major industrial countries which also control the multilateral institutions. They may work very well in countries with a developed industrial and technological base, developed financial institutions, substantial capital accumulation already in place and an established social security safety net. But it by no means follows that, for example, an open import policy is the best prescription for countries suffering from a severe shortage of foreiqn exchange. Neither is there arrj obvious logic to the doctrine that agricultural credit banks which themselves obtain concessional funds should then lend those funds to small farmers at "real" interest rates that may be beyond their capacity to service. Most developing countries accept that, if their economies get out of balance, it is necessary for them to adopt appropriate macroeconomic policies to adjust these imbalances. It is well .known that if orderly adjustment programmes are not 
**Analysis**
The text discusses the impact of structural adjustment programs on developing countries, focusing on economic policies and their consequences. It highlights the potential conflicts between the policies imposed by international institutions and the needs and capacities of developing countries. The text also touches on the issues of foreign exchange, interest rates, and credit, which are all closely related to economic development.

**Category**
Economic development, International trade