Fund (IMF) and the World Bank. As commercial bank credits became scarcer beginning in 1982, those institutions were transformed into major sources of credit to developinq countries. More than two thirds of the debt stock of developing countries today are owed to multilateral lending institutions. In Liberia, out of a total external debt of $1.3 billion, about $600 million, or 50 Percent, are owed to the IMF and the world Bank alone. However, those institutions have claimed, as they still do, that their current policies, rules and regulations oo not permit them to refinance, restructure or write off debt. That has led to a situaticn in which many developing countries' annual repayments to the IMF and the WOrld Bank now far exceed their actual or needed loan inflows. BHS/jl A/S-18/PV.7 41 (Mr. Johnson, Liberia) Thus these developinq countries have ended up being net transferers of resources to these institutions, which have become a part of the problem and no longer a part of the solution. This is a most ingenious paradox indeed. It is high time that their rules and regulations be amended to allow multilateral lending institutions to grant debt relief to developing countries. The existing rules and regulations of the IMF and WOrld Bank were fashioned by member States of those institutions in the imnediate post-war period to meet the needs of the times. The international cnmmunity should now take the cnurage to helP those institutions meet the challenges of the day, including the problem of debt. The second problem area for increased international en-operation is that of international trade. The central issue here is that, despite an impressive international market, expansion and increasing qrowth in world trade, the developed countries have unleashed strong protectionist forces against the developing 
**Analysis**
The text discusses the debt crisis in developing countries and the need for international cooperation to address the issue. The focus is on the role of multilateral lending institutions such as the IMF and World Bank, and the impact of their policies on developing countries. The text also touches on the issue of international trade and protectionism. Given the economic and international cooperation themes, it is likely that the text falls under the categories related to economic development and international trade.

**Category**
Economic development, International trade