ABSTRACT
To harness the potential that lies dormant in the South, effective strategies need to be adopted at the global, regional, subregional and national levels. South-South cooperation is essential for the purpose of devising such strategies. The South must, as a matter of urgency, formulate its common position on international monetary reforms and on the restructuring of international financial institutions. A South-South institution modelled along the lines of the International Finance Corporation—a ‘South-South IFC’—could serve a useful role in project identification and mobilisation of capital, as well as project development and management. The establishment of a South-South Bank as a major institution could significantly contribute towards the improved operations of the international financial system from the point of view of the South. The arguments for more South-South trade acquire additional force in the face of the present world economic crisis. The Global System of Tariff Preferences for the South could perhaps best be negotiated within a Southern institution.
