Courtesy Reuters

Over the past year, the problem of the debt of less-developed countries has been of intense concern not only to the private banks which hold most of that debt, but to the governments of the LDCs and of the creditor countries and to the multilateral institutions that have had to play a major part in a well-coordinated initial set of measures to stem the problem and bring it gradually under control. These efforts remain of the utmost importance for the continuation of a worldwide economic recovery and for the stability and progress of the LDCs themselves.

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