text: econonic growth as well as for meeting the challenges that face them at present..Ihey accept the necessity for adjusting to changlng econoftic conditions. Theyfeel, however, that domestic accion alone is not enought it is egsential that incernational economic arrangeoents should create conditions in which such action can be effectlvely undertaken. l,tany countrles have maintained Chat in considering the adjustment process in lheir economies, much greater ernphasis must be placed on investment, growth and supply-oriented policies for long-term development than onrestraining demand. 1. Flow of resources and debe 84. Developing countries emphasize that a major factor behind the difficulties they face is the lack of an adequate flotf of resources on appropriate terns from the developed lrorld. A prinary reason for this lack is that little progress has been made towards attainment of the 0,7 per cent target for official develomentassistance (ODA) established in the International Developrnent Strategy. Between 1980 and 1984, ODA increased in real terms at around half Che rate o€ tbe l9?0s.In order lo regain the momentum of gro'rth in developing countries, it is essentialto make early progress to,rards attainment of ODA targets, inctuding those of the Substantial Nelr Programme of Action for the 1980s for the Least Developed Countries, and to make ODA available on an assured and predictable basis. Asignificant part of the forei gn-excha nge resource requirements of the developing countries must be met from inslilutionar sources. rt is therefore urgent that the resource base of the World Bank and of other financial insEitutions should be expanded. This expansj.on should include a general capltal increase in the VlorLd Bank. speedy agreement on the seveneh increase in International DevelopmentA/40 /708 English Page 21 Association supplementary financing (IDA-7) and replenishment of the International Fund for Agricultural DeveLopment. There is also a need for greater flexibility in
analysis: The text appears to be discussing the challenges faced by developing countries in achieving economic growth and development, and the need for international cooperation and financial assistance to overcome these challenges. It highlights the importance of increasing official development assistance (ODA) and expanding the resource base of international financial institutions to support developing countries' development efforts.