virtual veto in practically all UNCTAD dicussions, deliberations and negotiations.
In fact, the developed countries appeared to be so very disturbed by the resolution on an expert review of the monetary framework that even mild proposals like that for establishing an international export credit guarantee facility or that for improving the IMF compensatory financing facility and complementing it with a facility aimed at compensating countries in real terms for their export shortfalls on individual commodities fell by the wayside. On the complementary compensatory financing facility, however, the developing countries forced a vote proposing once again an UNCTAD study.
