This article describes and evaluates the main international monetary and financial issues discussed at UNCTAD V. One of the Conference's main achievements was the attempt by the Group of 77 to elaborate a more comprehensive critique of the existing financial system than they had previously done. After an analysis of the UNCTAD V critique of IMF policy, proposals for more concrete modifications of IMF conditions are suggested here. The UNCTAD proposal for a ‘massive transfer of resources’ is examined in the light of former experiences of massive aid; the need to consider the almost inevitable link between large volumes of aid and an increase in the conditions imposed by donor countries is stressed. Some issues and problems raised by the recent large growth of developing country borrowing from private multinational banks are discussed here, even though they were hardly mentioned at UNCTAD V. It is suggested that, to avoid conditions being imposed on developing countries by financial institutions controlled by developed countries, alternative financial institutions collectively run by the Third World could be created.