As I was involved in devising the program for this conference, it is perhaps unfair for me to criticize the agenda for this session. I feel obliged to do so, however, because we may risk missing the fundamental, qualitative issue. We have been asked whether the balance between adjustment and financing has shifted unduly toward adjustment and, if so, how a better balance might be achieved. In my view, we should be concerned primarily with the character of the substantial adjustment that has occurred in the crisis-stricken countries, not the amount of adjustment, and with the manner in which some countries used the financing available to them.