The commodity sector, on which the majority of the population in most of the least developed countries depends, is of crucial importance to the economic and social progress of these countries. Progress in this sector is heavily dependent on changes in world commodity markets, particular on commodity prices. The present commodity price recession has been more severe and prolonged than that of the great depression of the 1930s. As a result commodity-dependent countries have faced large terms-of-trade losses: This seriously limits their potential for growth, and undermines their efforts at domestic policy reforms, debt restructuring and external resource mobilization.