Is it up to the industrialised countries to finance the developing countries’ deficits?

Abstract

Over the past decade the non-oil developing countries’ external debt has shown a more than threefold increase, a trend that may be expected to continue in the foreseeable future. In response to the recipient countries’ changing needs, private lending, their principal source of credit, will have to take different forms involving the creation of new multilateral facilities designed to place a bigger pool of long-term funds at the developing countries’ disposal.