This briefing paper discusses the coming ministerial meeting, in November 1978, on the Common Fund (CF). The purpose of the meeting is to negotiate on the form and content of the CF, which is the financial backbone of the Integrated Programme for Commodities. The paper concludes that even if the November meeting results in setting up a CF, the facilities it offers commodity organisations will probably be a lot more limited than originally favoured by the less developed countries (LDCs).