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Aid and the Commonwealth 1975

Report by the Commonwealth Secretariat

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Aid and External Finance for the Non-Oil Developing Countries

Since late 1973, the non-oil developing countries have been confronted with the need for heavy external financing to cover substantially enlarged current account deficits in spite of sharp reductions in their economic growth rates. The reasons for the larger combined deficit, which emerged in 1974 and increased further to $37.0 billion in 1975 from $28.4 billion in the previous year, are well known. These included the steep increases in import prices of petroleum, manufactured goods and essential foods on the one hand, and the end of the short-lived commodity boom and the deepening influence of the recession in industrialised countries on exports from the developing countries on the other.

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