This makes economies significantly less vulnerable to external shocks.

External shocks brought about by climate change will directly affect advanced economies.

The external debt crisis remains a major hindrance to the recovery of our economies.

Globalization has increased the vulnerability of the developing and transition economies to adverse external shocks.

Finally, the external debt of African countries was seriously undermining efforts to revitalize their economies.

This balancing act is difficult to maintain, leaving these economies vulnerable when the external environment turns unfavorable.

External debt servicing was a serious challenge to developing countries and economies in transition, especially in Africa.

Most developing nations are engaged in courageous policies to restructure their economies, despite an unfavourable external environment.

The external economic environment also needs to support efforts to achieve sustained economic growth, particularly for smaller economies.

Foreign direct investment continued to be the largest source of external financing for developing countries and economies in transition.

It is difficult to expect that such economies would be able to generate the extra resources without external financial assistance.

Small island developing States have open, small scale economies with limited resources, and are highly dependent on external markets and resources.

External factors that adversely affected vulnerable developing economies must be counter balanced by positive factors that created a momentum for growth.

Structural adjustment programmes, in opening inward looking economies to the challenges of external competitive pressures, provide a good basis for integration.

This is because it is difficult to say how far countries with developing economies could maintain intact their external and internal sovereignty.

A successful Doha Round would thus complement the international collaborative efforts underway, with IMF involvement, to tackle external imbalances among the major economies.

Now, in a low inflation environment, flexibility is properly regarded as an important tool to avoid misalignments and to shield economies from external shocks.

Our small island State continues to be especially vulnerable to natural disasters, external economic fluctuations and policies biased against small economies such as ours.

Two kinds of institutions in particular need shoring up conflict management institutions to enhance economies resilience to external shocks, and institutions that promote productive diversification.

With thriving economies came increased strategic clout, leading to the rise of regional geopolitics shaped by national interests and fears, rather than by external forces.

So far, China has looked to external markets so that exporters can achieve the economies of scale needed to improve quality and move up the value chain.

I would like to conclude my statement by emphasizing the importance of the role played by the external environment with regard to the economies of developing countries.

The prevailing imbalances compounded by high oil prices also had negative consequences for their fragile economies, which were highly susceptible to the volatility of external financial flows.

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With the increasing globalization of the world economy, the increased exposure of developing countries to powerful external factors, including stronger market forces, served to marginalize their economies further.

Following the Asian financial crisis of the late 1990 s, emerging economies began to accumulate massive foreign exchange reserves to protect themselves against the risks of external over indebtedness.

Emerging economies, following the advanced countries, also attached less importance to Fund surveillance, especially as their accumulation of external assets made them less dependent on IMF financing and advice.

18. Although most transition economies have introduced significant adjustment policies with external assistance, attaining stability and bolstering confidence has been much more complex and protracted than had been anticipated.

An agenda for development, to be feasible, must take into account the impact of external debt on the economies of the developing countries, especially the least developed of them.

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