§ Mr. Hooleyasked the Minister of Overseas Development what progress is being made with the creation of the special fund proposed by the United Nations General Assembly to provide emergency relief to developing countries to offset the effects of the oil crisis; and what contributions to such a fund is envisaged by Her Majesty's Government.
§ Mrs. HartThe United Nations Special Session in April established a special programme to help developing countries most seriously affected by the rise in oil and other commodity prices. The programme includes, first, an emergency operation to help meet the short-term needs of the most seriously affected countries; and, secondly, a special fund to help with longer-term development needs.
The United Nations Secretary-General subsequently appealed for contributions to the emergency operation. In response the United Kingdom joined with other members of the European Economic Community in offering to provide its share of 175W up to $500 million on the understanding that other donors, including the oil producers, were willing to make commensurate contributions. On 15th July the Secretary-General held a meeting of potential donors in New York to consider the progress made. It appears that the general response so far, particularly from the oil producers, has been disappointing. The Secretary-General announced that he would be summoning a further meeting of potential donors at ministerial level in New York, probably in the second half of September, which would coincide with the General Assembly.
Discussions about the longer-term special fund are still at a preliminary stage.