This study has attempted to provide an analytical framework for the discussion of problem of debt servicing capacity of the developing countries, which are the major international borrowers today. 1 have concerned on analysing debt servicing problems of a hypothetical primary producing country which has a reasonably ambitions income growth target; which relies on foreign loans at conventional terms financing a considerable portion of its investment program; which has a relatively closed economy and cannot rapidly expand its exports of primary commodities, due to world market conditions. The fundamental difficulty is that the theory of debt servicing capacity has not yet been formulated, despite the fact that some aspects of the problem have been fairly thoroughly explored. This study is an attempt to define the “ safe level" of idebtedness which shouldn’t be exceeded. Among factors influencing the level mentioned above we can define some factors which are important in a short term, others are active in a long term and they will be the subject of this study. Zadanie pt. „Digitalizacja i udostępnienie w Cyfrowym Repozytorium Uniwersytetu Łódzkiego kolekcji czasopism naukowych wydawanych przez Uniwersytet Łódzki” nr 885/P-DUN/2014 dofinansowane zostało ze środków MNiSW w ramach działalności upowszechniającej naukę.