ABSTRACT
In the fall of 1983, forty to fifty developing countries engaged in debt-rescheduling negotiations. These countries included twelve of the twenty largest debtors, accounting for more than half of the total debt of developing countries. Most of the heavily indebted countries have proved that they can absorb modern technology, organize efficient production, penetrate the international market at extraordinary speed, and give priority to meeting their external financial obligations under most circumstances. The aggregate external disbursed public and private debt of all maturities owed by developing countries was of the order of US$750-800 billion at the end of 1982. The long- and medium-term portion was estimated at about US$600 billion. The newly industrializing countries carry most of the debt, but they are not the only debtors. The low-income countries owe US$110 billion or 18 percent of the total developing-country medium- and long-term debt.
