The circuit seem to be incomplete, there is no inductor (choke) shown.
The device block diagram looks like an MC34063 switching regulator, is that correct? If so the resistor is used to provide current limiting, if the voltage drop across the resistor is greater than 300mV the duty cycle will be reduced to lower output voltage and hence lower the current. Without current limiting an accidental short on the output could destroy either the regulator or the load.