text: development needs - as with developmen! finance itself - there has been concern !oreorient some activities toi.ra rds more immedlate needs. For example, in technicarco-operation programmes of the florld Bank and the Uniteal Nations greater emphasis has been given to the design of appropriate econonic adjustnent and improved publicadminislration. At the same lime, it is increasingly being recognized that some long-term co-operation programmes - particularly in the realm of social services -have been adversely affected by budgetary pressures on local government counlerpart funds . 36. In the face of so many hurdles to meeting Ehe immediate requirements o€ lhe developing countries while also proflpting their tong-tern development, an examination of the process of multilateral- co-operation itself has been needed. rn response, the Commietee for Development Planning has focused its most recent reporE on Chis issuer !/ and the Secr etary-cenera I in his annual report on the work of the Organization has presented an analysis and suggestions for reinvigorating theprocess, I6/ C. Indebtedness and lhe flow of private resources 3'l . For countries rdith especially large debts to foreign private capital, the keyto the debt crisis is confidence. nhen international commercial banks losE confidence in lhe economic arovrth and stability of debtor developing countries, they withdrer" from lhe provision of new credits. These credits had been used toservice existing debts as rvell as to brlng about a net transfer of resources.In some developing countries, a loss of confidence by the private sector Led tocapital flight nhich exacerbated pressures on the balance of payments. Direct investors also began to hesitate lo invest under rrhat appeared to be riskier condi tions . A/40/597 English Page 12 38. Developing countries have made conslderable efforts to correct donestic imbalances and inprove their international trade performance, ln nany cases in a franework agreed with IMF. These efforts will help to raise confidence while strengthening the foundation for renewed gronth. Yet, there are serious concerns
analysis: The text discusses the challenges faced by developing countries in achieving economic development, including debt crisis, lack of confidence in their economic growth, and budgetary pressures. It also highlights the need to reinvigorate multilateral cooperation and improve public administration. These themes suggest that the text is primarily focused on economic development, but it also touches on international trade and humanitarian aid.