1887

Towards a New International Economic Order

A Further Report by a Commonwealth Experts' Group

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External Debt

In our Interim Report we drew attention to the serious burden which the external debt outstanding at the end of 1973, estimated at about $120 billion, has created on the continuing development of a number of developing countries. While the total debt has been growing for a number of years at an accelerated rate, its composition has also been changing, with a more rapid growth in private capital flows, particularly private bank credits, which has resulted in a more pronounced acceleration in debt service payments than in outstanding debt. In 1973, debt service payments by developing countries thus reduced by nearly half the gross transfer of financial resources to these countries.

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