The following are the highlights of UNCTAD-VI

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The UNCTAD-VI was held in Belgrade in 1983. 165 members participated in it. The following are the highlights of UNCTAD-VI:

(i) Without initiating any new initiative, the UNCTAD-VI reiterated the demands put forward by the Group of 77 in the previous sessions. These include

(a) The Generalised System of Preferences (GSP);

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(b) The Integrated Programme for Commodities;

(c) More Official Development Assistance (ODA);

(d) More funds from international lending agencies at concessional rates of interest;

(e) Increase in quotas of IMF;

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(f) Transfer of technology without payments of large amounts of royalties over a long period;

(g) End of protectionist policies adopted by the developed countries against the developing countries and so on.

(ii) Discussion on monetary issues concentrated on four topics, i.e., (a) SDR allocations, (b) the adequacy of Fund resources, (c) access by Fund members to these resources and (d) conditionally and surveillance.

(iii) The final resolution stressed the importance of an adequate supply of world liquidity for economic growth and emphasized the need for sufficient financial resources for the Fund, with an adequate level of access to Fund facilities by members.

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(iv) Regarding Fund conditionality, the resolution reiterated the fundamental principles of (a) encourag­ing members to consult each other at early stages of their balance of payment problems; (b) keeping conditionality under continuing review, (c) giving emphasis to measures to improve supply as well demand conditions, and (d) ensuring uniformity of treatment.

(v) The resolution wanted the IMF to ensure effective and symmetrical surveillance of exchange rates and economic policy.

(vi) The Conference urged the developed countries to make efforts to achieve the target of transferring 1% of the GNP as Official Development Assistance.

(vii) On the external debt, the Conference focused on three main issues; (a) implementation of a Trade Development Board resolution on converting Official Development Assistance (ODA) loans into grants for poorer developing countries; (b) rescheduling of official and officially granted loans to the developing countries; (c) improving institutional arrangements to solve the debt problems of develop­ing countries.

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(viii)The developed countries agreed to work systematically to eliminate protectionist measures. They however opposed the demand by the Group of 77 to adopt measures to facilitate structural adjustment without resorting to protectionism. The resolution also called for the developed countries to improve the Generalised System of Preferences (GSP).

(ix) The industrial countries in general reaffirmed their support for the Common Fund under the In­tegrated Programme for Commodities.

(x) On compensatory finance, the Conference called on the IMF to complete a review of its compensatory financing facility expeditiously.

On the whole, UNCTAD-VI was a failure because no agreement was reached for any programme of action on the important issues.

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