Santiago, 1972 The Santiago Conference, 15 April 1972, was the third occasion on which developing countries confronted the rich with the need to use trade and aid measures more effectively to improve living standards in the developing world. Discussion centred on the international monetary system and specifically on the South's proposal that a higher proportion of new special drawing rights (SDRs) should be allocated to LDCs as a form of aid (the so-called 'link'). In Santiago, substantial disagreements arose within the Group of 77 (G77) despite preconference meetings. There was disagreement over the SDR proposal and between those in the G77 who wanted fundamental changes such as a change in the voting allocations in the South's favour at the IMF and those (mainly the Latin American countries) who wanted much milder reforms. This internal dissent seriously weakened the group's negotiating position and led to a final agreed motion which recommended that the IMF should examine the link and that further research be conducted into general reforms. This avoided firm commitments to act on the 'link' or general reform, and the motion was passed by the conference.
SantiagO 1972 The ,SanTiaGo conference, 15 APRIl 1972, was the THIrd ocCasion on WHIch dEvelOpInG Countries coNfrONteD ThE rIch wIth the neEd To usE TraDe and aiD MEasures moRe EFFecTivelY To improvE lIviNG stAndArdS In tHe developiNG wOrld. DisCUSSION centREd oN the iNternAtiOnaL moNETarY system aNd sPeCifIcally oN tHe south's prOpoSaL THaT a higHEr pROpoRtIon of new spEcIAl drawing righTS (SDRs) should bE AlloCateD To ldcS as A form of aid (The so-Called 'link'). in sanTiAgO, subsTantIaL DisagrEEMEntS arose within the groUp of 77 (g77) despite preconfEr,eNcE MEetings. THere wAs DiSagreeMENt OvER ThE sdR pRopoSal and betWeen tHose in tHe g77 Who wAnted FuNdameNTaL chaNges sUcH as a cHANge in the voTiNG allOcations IN The souTh'S favouR at tHE imf aNd thOse (mainly The latiN AmErican countrIEs) Who WaNTEd mucH milder REFOrms. this inteRnAl dIsSeNT SErioUslY weaKeNed the GroUp's nEGotiaTinG pOsitIoN anD leD TO a fiNAl agrEed MoTiOn which RecOmmeNded ThaT THe IMF SHoUld eXamIne tHe lInk anD tHaT fUrTher reseaRch bE cOnduCteD iNTO GeneraL refOrms. this avoIded firm COmmitmEntS to aCT on thE 'link' or geNeral rEfoRm anD thE mOtion Was Passed bY THe conFerEncE.