Santiago Conference

The Santiago Conference, 15 April 1972, was the third occasion on which the developing countries have confronted the rich with the need to use trade and aid measures more effectively to improve living standards in the developing world. Discussion centered 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 pre-conference 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 favor at the IMF and those (mainly the Latin American countries) who wanted much milder reforms.