c Represents overexpenditure on prior period obligations. Schedule 26.1

This shall be done through the recording of an obligation(s), against which relevant payments or disbursements, made only on fulfilment of contractual and other obligations, shall be recorded as expenditure.

Unliquidated obligations are expenditures based on firm obligations entered into, but not disbursed, in the financial period.

Net excess (shortfall) of income over expenditure

Total expenditures reported include unliquidated obligations and disbursements.

Norway was a strong supporter of debt relief and the HIPC Initiative, but more was needed to achieve debt sustainability.

As indicated in the report, expenditures include unliquidated obligations amounting to 16,317,600.

Moreover, the estimated expenditures for the current biennium included unliquidated obligations.

Project expenditures include unliquidated obligations raised according to the following criteria

(i) Providing continued support for debt management.

Developing countries today are paying enormous amounts just to service the interest on debt.

25. The financial report and accounts reflect UNICEF income, expenditure, assets and liabilities, including the net operating income, assets and liabilities of the greeting card and related operations.

We reduced them through debt write off and debt relief, as well as through the method of reducing our own debts.

Unliquidated obligations are expenditures based on firm obligations entered into, but not disbursed, in the financial period.

Norway therefore supported the Group of Eight proposal for multilateral debt cancellation.

period The reported 1997 expenditures includes unliquidated obligations of US 1,301,082.

His delegation therefore supported the application of the debt burden adjustment based on the debt stock approach.

On the subject of debt, the United Nations is requested to support the efforts currently being made by the Commission of the African Union for a thorough review of debt, leading to debt cancellation for the heavily indebted poor countries and to debt reduction or cancellation for middle income indebted countries.

Region Debt export ratio

Sovereign debt for sustained development

C. Balance of payments constraint and the debt burden

a Includes adjustments to prior year contributions and expenditure and cancellations of prior year obligations.

Italy also supports the swift implementation of the recent G 8 initiative to cancel all debt owed to multilateral financial institutions by African countries of the Heavily Indebted Poor Countries Debt Initiative.

Unliquidated obligations of 1.28 billion decreased from 36 per cent of expenditure in 2003 04 to 31 per cent in 2004 05, as reflected in figure II.2.

An international debt framework commission would aim for a coherent and comprehensive debt restructuring when requested to do so by the debtor country.

As repeated reschedulings involve costs for the debtor countries and contribute to further accumulation of debt, the concept of reduction of the stock of debt (instead of the flows of debt service) was introduced by the Paris Club in 1994 and allowed for an exit from a repeated cycle of debt reschedulings.

Nonetheless, her delegation fully supported the Heavily Indebted Poor Countries Debt Initiative.

It was noted that the stay was meant to cover all actions capable of affecting the assets of the debtor or increasing the debtor s liabilities.

(t) Account debtor means a person liable for payment of a receivable.

The financial report and accounts reflect UNICEF income, expenditure, assets and liabilities, including the net operating income, assets and liabilities of PSD.

Debt servicing payments contribute to poverty when public revenue is diverted from productive sector expenditure, such as education, health and physical infrastructure to debt servicing.

Accordingly, an operating reserve of 15 per cent of annual expenditure was established to protect against unforeseen shortfalls and to meet final expenditure, including liquidating liabilities.

Since 1979, UNEP has also recognized as expenditures the unliquidated obligations of cooperating agencies.

With total short term obligations estimated at 68.4 billion,14 the package thus covered 88 per cent of those obligations.

For the Japanese Procurement Programme, expenditure incurred in other currencies is fixed at the United Nations operational rate of exchange in effect at the date of the establishment of the related obligation.

quot With the exception of matters which are settled in this Convention, the assignability of a receivable, the right of the assignee to request payment, the debtor apos s obligation to pay as instructed in the notification of the assignment, the discharge of the debtor and the debtor apos s defences are governed by the law governing the receivable to which the assignment relates of the country in which the debtor is located . quot

In the area of debt management, the Bank supports the Debt Management and Financial Analysis System (DMFAS) through a joint programme.

3. Also emphasizes that creditors and debtors must share responsibility for preventing unsustainable debt situations

This raises the question of the adequate level of debt relief which would truly allow debtor countries to grow out of their debt problems.

4. Emphasizes that creditors and debtors must share responsibility for preventing unsustainable debt situations

Emphasizes that creditors and debtors must share responsibility for preventing unsustainable debt situations

Emphasizes that creditors and debtors must share responsibility for preventing unsustainable debt situations

The term expenditure designates total obligations incurred, whether liquidated or unliquidated

Against this backdrop, India has consistently supported proposals in the United Nations to convert into grants all remaining official bilateral debt of the poorest African countries and has supported the Highly Indebted Poor Countries (HIPC) Debt Initiative.

It also continued to support multilateral debt relief through the HIPC Initiative.