ABSTRACT
This chapter discusses the United Nations Conference on Trade and Development (UNCTAD) report to utilized that confirms, 'the entire deficit may be thought of as having been financed by Organization of Petroleum Exporting Countries (OPEC) capital exports recycled via the Eurocurrency and other financial markets'. This OPEC aid is a relatively novel phenomenon in that it represents a transfer of resources from one group of developing countries to another. It is novel because it has been swiftly extended through a broad range of channels combining bilateral, regional and multilateral sources. The OPEC Special Fund is just among these channels, although it has its own characteristics; its creation represents the most recent of several initiatives taken by OPEC members to consolidate their position within and solidarity with the rest of the developing world. Social justice and long-term stability dictate the imperatives of economic development in the less fortunate countries of the world, which still constitute the vast majority of nations.
