Senior ministers of the Group of 77 developing nations meet in Venezuela today to press the industrial world to do more to help reduce third-world debt and improve living standards. Conference organizers say the group is expected to state that despite the painful steps taken in third world countries, the actions of the leading industrial nations was severely holding back progress.

One US official says the policies of the United States in particular are likely to come under fire during the four-day meeting in Caracas. The official points out that the Group of 77 is upset over the tough 1988 US Trade Act that mandates retaliation against nations US labels unfair traders.

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