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H'D'71H-'* H'D-DHD D' J,'/ E.1, EF 'D#2E)  H*8'A1* ,GH/ 'D/HD 'DE/JF) 'DI ,'F( ,GH/ 'D/HD 'DE*B/E) H,GH/ 'DEF8E'* 'D/HDJ) 'DE.*5) EF #,D G0' 'DG/A 'F7D'B'K EF 61H1) #F JCHF 'D-D 0H 7(J9) 9'DEJ) F81'K DD7'(9 'D9'DEJ 'D0J %*3E* (G G0G 'DE4CD) Abstract The problem foreign loans stem from the presence overkill in aggregate demand mishandling of policy mistakes internal economic reflected through an imbalance internal imbalance external Funding not solve problem alone but required is eliminate this imbalance quality and restore balance, this will achieved only through pack actions conditioning that correct conditions own internal where usefulness provide new loans if not part comprehensive development strategy require study all avenues economic progress social and intensify programs reform assisted all internal capacity and external until development properly but reality economic life States developing witnessed fall was aggravated various aspects decline in size domestic savings to higher in inflation and deepening deficit in Mawazine payments developing nations to decline in import capacity placing these States in loop circular malicious still wandering where even this day These are vicious that country developing no longer lend for development repayment and payments to obtain new loans, before this burdens and risks colorful views and treatises and solutions not Ejad troubleshooting from crisis and Tzafart efforts debtor States alongside efforts States developed and efforts competent international organizations for this objective Proceeding from need be solution Highlighted global nature Given global nature which characterized this problem . 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tand by- Arrangment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'-C'E 'DB'FHF 'D/HDJ  E5/1 3'(B  5 244 Lance Taylor ; Editorial ; the Revival of the liberal creed ; the IMF and the World Bank, in ; Clobalized economy , world development Vol.25, No.2 , Febraary 1 , 1997,PP,147-148. 3- 1',9 AJ 0DC : -Maurice Bye; Relations economiques internationals, 1987,PP.1141-1142. . 1- E-E/ FH1 'D/JF : 'DE$33'* 'D/HDJ) H/JHF 'D9'DE 'D+'D+  E,D) 'D3J'3) 'D/HDJ)  9// 'C*H(1 1986  5 139 . - 3'E- E-EH/ '(H 'D9JFJJF : #(9'/ #2E) 'DE/JHFJ) 'D#A1JBJ)  E5/1 3(B 0C1G  5 171-172 2-AJ (/'J) 9D'B) 'D5F/HB ('D3H/'F AJ 1978 (/# 'DB1H6 'D3GD) D':1'! 'D3H/'F DD16H. 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HG0' CDG 9DI 'D1:E EF *(FJ 'D3H/'F (1'E, 'D5F/HB H'D*2'EG (G'  EE' J(12 (4CD H'6- E/I *#+1 *B/JE 'DE3'9/'* ('D'9*('1'* 'D3J'3J) #C+1 EF 'D'B*5'/J) H'D%F3'FJ) . -OECD; Geographical distribution of financial flows to Developing countries, 1994 . 1- 9B/ 'D#1/F E9 'D5F/HB (1F'E,JF DD'5D'- 'D#B*5'/J : 'D#HD : AJ 'DA*1) EF (1989 'DI 1993 ) EB'(D 227 EDJHF /HD'1 -5D 9DJG' 'D#1/F (EH,( G0' 'D'*A'B . 'D+'FJ : AJ A*1) EF (1992 'DI 1998 ) -5D 'D#1/F (EH,(G 9DI 45 EDJHF H-/) -BHB 3-( .'5) E9 'D9DE #F *FAJ0 'D(1F'E, 'D#HD DE J3*E1 -*I 9'E 1993 H%FE' 'F*GI AJ 9'E 1990 (3(( 'D:2H 'D91'BJ DDCHJ*  #E' 'D(1F'E, 'D+'FJ AB/ '(1E F*J,) 'D"+'1 'D'B*5'/J) 'D3D(J) 'D*J .DAG' -1( 'D.DJ, EE' '3*H,( 'DD,H! 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'D/HD 'DF'EJ) DD'B*1'6 EF 'D(FHC 'D*,'1J) E9 E'J*1*( 9DJG' EF '1*A'9 *CDA) 'D'B*1'6 C'F (3(( 'DG1H( EF E41H7J) 'D5F/HB 'D*J (/#* **5'9/ EF0 (/'J) 'D+E'FJF'* . -World Economic and Finacial Surveys,April 1989 , IMP; Washington D.C,p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'DE*:J1'* 'D/HDJ) E9 '4'1) .'5) DE51  'DE,D/ 23  'DB'G1)  1991  5123-124 . 2- 9DI 3(JD 'DE+'D H,/ #F 9,2 'D-3'( 'D,'1J DC('1 'D/HD 'DE/JF) AJ #E1JC' 'DD'*JFJ) 3,D 51 EDJ'1 /HD'1 AJ 9'E 1982 +E 'F.A6 DD5A1 AJ 1985  'D' #F 0DC ,'! 9DI -3'( 'DFEH -J+ #F G0' 'D'F.A'6 DE J-/+ F*J,) 2J'/) 'D5'/1'* (B/1 E' C'F 9F 71JB *BJJ/ 'DH'1/'*  CE' */GH1* E9/D'* 'D'FA'B 'D'3*+E'1J EE' ,9D 'D/HD 'DE/JF) *3J1 AJ '*,'G E9'C3 D'3*9'/) ,/'1*G' 'D'&*E'FJ) . -Margaret G.devries ; Balance of payments Adjustment 1945 To1986 .OP.Cit , p.243-244 . 1- 1',9 AJ 0DC : Hassanali Mehran ; External Debt management , I.M.F, washing ton ,D.C,1985 pp. 53 -54 -Lance Taylor ; Editorial , The Revival of the liberal creed , The IMF and the World Bank in ; Globalized economy World Development , ol 25, No2, February 1997, pp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right , World Bank for structural adjustment , finance and development , Vol .17, No.3 , September 1980 . 2- JH,JFJ 1H*F(1, : (-+ 9F 'D(FC 'D/HDJ *BJJE BH*G 'DE'DJ)  ED-B 'D#G1'E 'D'B*5'/J" 'D*EHJD H'D*FEJ) " 'D9//(7)  JF'J1 /1977  5 70 HE' (9/G' . - Koeing.L , assistance technique et les Operations de la pre  investissement de la Bank mondial , finance and developpement Revue , 1967 , p.234. 3-E9 0DC AB/ HB9* 'D/HD '*A'B'* B1H6G' E9 'D(FC (H'37) 3A1'&G' AJ H'47F E+D ( A1F3'  (D,JC'  'DGF/  JH:3D'AJ') . - roches international legal materials, 1967, p .152 - E4'1 DG AJ 13'D) 'D/C*H1 9(/'DE92 9(/'D:A'1 F,E 'D3'(B 0C1G'  E5/1 3'(B  5 151 . 4- 'F81 1#J (1HC3 AJ G0' 'D4#F E3'1 DG AJ 13'D) 'D/C*H1 9(/'DE92 9(/'D:A'1 F,E 'D3'(B 0C1G'  5 225 . - *,/1 'D'4'1) 'DI #F ,EJ9 '*A'B'* 'DB1H6 'D*J *(1EG' E51 D' *CHF F'A0) 'D' (9/ 'D*5/JB 9DJG' EF E,D3 'D49( -*I HDH F5 AJG' 9DI *-/J/ *'1J. E9JF DFA'0G' H0DC *7(JB'K DF5 'DE'/) 151 EF 'D/3*H1 'DE51J 1971 H'D*J *F5 9DI #F E9'G/'* 'D5D- H'D*-'DA H'D*,'1) H'DED'-) H,EJ9 'DE9'G/'* 'D*J J*1*( 9DJG' *9/JD AJ #1'6J 'D/HD) #H 'D*J **9DB (-BHB 'D3J'/) #H 'D*J *-ED .2'F) 'D/HD) 4J! EF 'DFAB'* :J1 'DH'1/) AJ 'DEH'2F) D' *CHF F'A0) 'D' '0' H'AB 9DJG' E,D3 'D49( . - R.G.Mac Lean ; legal aspects of the external debt ,OECD, paris, 1998 pp .74-75 . 1-*91A B1H6 'D*CJJA 'DGJCDJ (#FG' FH9 EF 'DB1H6 DD(1'E, 'D9'/J) DD(FC 'D/HDJ *G/A 'DI *EHJD E,EH9) :J1 E-//) EF 'DH'1/'* #H EF #,D *3/J/ 'DB1H6 'D.'1,J) 'D*J #5(-* E3*-B)  HB/ (/# G0' 'DFH9 EF 'DB1H6 9'E 1980 H*1'H- (JF 8-9% EF ',E'DJ *9G/'* 'D(FC 'D/HDJ AJ 'DA*1) EF 1981-1984  H'2/'/* 'DI 5% 9'E 1985 . H#HD 'D/HD 'DE3*AJ/) EF B1H6 'D*CJJA 'DGJCDJ CJFJ' H*1CJ' . 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H:J1G' EF 'D9BH/ 'D*J (D:* ,ED*G' AJ 'DA*1) EF 1960 'DI 1987 (2895.3 EDJHF /HD'1) . - 1',9 'D/C*H1 E-E/ .'D/ 'D*1,E'F : 'DF8'E 'DB'FHFJ DDB1H6 'D/HDJ) DD*FEJ)  '71H-) /C*H1'G CDJ) 'D-BHB  ,'E9) 9JF 4E3  1988  5 116-123 . 1- 1',9 AJ 0DC : - /. 5AH* 9(/ 'D3D'E 9H6 'DDG : /H1 'D(FC 'D/HDJ AJ *EHJD 9EDJ'* 'D*FEJ) 'D'B*5'/J) AJ 'D/HD 'DF'EJ) 13'D) /C*H1'G  CDJ) 'D-BHB  ,'E9) 9JF 4E3  1989  550 . 2- 9/E 'D9/'D) D' JB*51 9DI 'D*H2J9 'D,:1'AJ (JF 'D/HD H%FE' JE*/ D*H2J9 G0G 'DB1H6 9DI 'DB7'9'* 'D'B*5'/J) /'.D 'D/HD) 'DE3*AJ/) EF B1H6 'D(FC  -J+ JD'-8 #F B7'9 'D./E'* GH 'DB7'9 'D#C+1 -5HD' 9DI B1H6 'D(FC 1:E #F G0' D' J/1 /.D'K E('41'K HB/ J*#.1 AJ 'D'F*', 'DI E' (9/ /.HD 'DB1H6 AJ E1-D) 'D*3/J/ . #E' B7'9 'D'F*', AB/ C'F F5J(G E*H'69'K ,/'K 9(1 *'1J. 'B1'6 'D(FC . AAJ E51 (D: 'D'B1'6 DB7'9 'D./E'* AJ 'D+E'FJF'* 62 % EF ,ED) B1H6 'D(FC AJ -JF DE J*,'H2 'B1'6 'D(FC DDB7'9'* 'D'F*',J) 27 % EF ,ED) 'B1'6 'D(FC  AJE' 0G( 'D('BJ 'DI 41C'* *EHJD 'D*FEJ) '6'A) DDB1H6 'DEB/E) D:J1 'DE41H9'* . 3- /. 9(/ 'DE92 9(/ 'D:A'1 F,E : 'D,H'F( 'DB'FHFJ) DF4'7 'D(FC 'D/HDJ  E5/1 3'(B  5 148 . * 'DE5/1 : *B'1J1 3FHJ) E.*DA) DD(FC 'D/HDJ. HJD'-8 EF 'D,/HD #F 'D(FC 'D/HDJ 7(B 391 A'&/) E*:J1 CD #1(9) #4G19DI B1H6G '9*('1' EF 9'E 2006 . 1- /. 9(/ 'D92 9(/ 'D:A'1 F,E : 'D,H'F( 'DB'FHFJ) DF4'7 'D(FC 'D/HDJ  E5/1 3'(B  5 148 1- Broches (A) ;International legal Materials , 1967, p.152 -E4'1 DG 9F/ 'D/C*H1. 9(/ 'D92 9(/ 'D:A'1 F,E : E5/1 3'(B  5 149 2- 1',9 AJ 0DC : -Belicher Samuel ; U.N.V , IBRD, International Organization , VoI.24 , 1970, p .40 . - E4'1 DG 9F/ 'D/C*H1. 9(/ 'D92 9(/ 'D:A'1 F,E : E5/1 3'(B  5 149 * 'DE5/1 : /. 9(/ 'D92 9(/ 'D:A'1 F,E : 'D,H'F( 'DB'FHFJ) DF4'7 'D(FC 'D/HDJ DD%F4'! 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