Several factors worked together to complicate the already very delicate situation. At the same time as the access of the developing countries to external financing was being cut off, international interest rates doubled as a result of the battle against inflation in the industrialized countries and of the pressure on world savings exerted by the fiscal policies of some of those countries. The effect of all these adverse factors was in some cases intensified by the existence of serious economic imbalances in some underdeveloped countries. This is why, in the last 10 years, so many countries have had to adopt adjustment policies, whether in order to eliminate external distortions or to reduce public expenditure in accordance with the new financinq capacities. JVM/24 A/S-18/PV.4 112 (Mr• Bernardo Florez, Colombia) The inhabitants of those countries, and in particular the most underprivileqed and vulnerable, have had to bear the full impact of the econorrdc crisis. The social consequences of austerity will be felt for many vears and constitute an evident source of political aqi ta tion and instability. Nevertheless, internal adjustment processes do not quarantee qrowth in our countries unless thev are accompanied by qeneral measures that act upon the international factors of the economic crisis. In the first place, a greater sensitivity is needed to the effects of the economic policies of advanced nations on the economies of other countries. Some industrialized countries still pursue economic policies which, if they had been developinq nations, would not only have provoked a call to order by multilateral institutions but would also have forced them to apply severe stabilization programmes. However, because of their economic position they are able to postpone the necessary adjustments. The harmful effects upon the economies of the developing countries, which must pay higher interest rates on their foreiqn debt, 
**Analysis**
The text discusses the economic crisis and its effects on developing countries, highlighting the need for adjustment policies and the impact on the most vulnerable populations. It also touches on the issue of interest rates and foreign debt, which suggests a strong connection to international economic relations. The text does not explicitly mention natural resources, environment, agriculture, forestry, fishing, health, education, employment, humanitarian aid, culture, or science and technology.

**Category**
Economic development, International trade