Options for lower debt burdens on Governments of heavily indebted developing countries include debt cancellation and debt swaps for sustainable development.

62 186. External debt and development towards a durable solution to the debt problems of developing countries

Provide debt relief to all developing countries, including debt cancellation to HIPC, as well as extending the HIPC initiative, and resolving the debt problems of LDCs, low and middle income developing countries that are not eligible to debt relief under the HIPC and to explicitly link debt relief to the national development plans and efforts aimed at achieving the internationally agreed development goals including the MDGs, as well as other development goals.

Bond offering

Sierra Leone would issue iron ore bonds and Mongolia would issue copper bonds. Investors would be able to buy Guatemala s coffee bonds, Côte d Ivoire s cocoa bonds, Liberia s rubber bonds, Mali s cotton bonds, and Ghana s gold bonds.

Jamaica, for example, would issue aluminum bonds Nigeria would issue oil bonds Sierra Leone would issue iron ore bonds and Mongolia would issue copper bonds. Investors would be able to buy Guatemala s coffee bonds, Côte d Ivoire s cocoa bonds, Liberia s rubber bonds, Mali s cotton bonds, and Ghana s gold bonds.

And we came up with this idea of issuing bonds, press freedom bonds.

Debt, finance and development Paris Club

(e) To reduce the unsustainable debt burden of developing countries through such actions as debt relief and, as appropriate, debt cancellation and other innovative mechanisms geared to comprehensively addressing the debt problems of developing countries, in particular the poorest and most heavily indebted ones

Noting with concern the continuing debt and debt servicing problems of heavily indebted developing countries as constituting an element that adversely affects their development efforts and economic growth, and stressing the importance of alleviating once and for all, where applicable, their onerous debt and debt service burden with the aim of attaining a sustainable level of debt and debt service,

The authorities will issue 35.2 billion in new securities, comprising 15 billion in par bonds, 11.9 billion in discount bonds and 8.3 billion in quasi par bonds.

59 223. External debt crisis and development

60 187. External debt crisis and development

61 188. External debt crisis and development

58 203. External debt crisis and development

Subprogramme 3 Development of Pacific island countries and territories

In particular, the issuance and subsequent repayment of external debt can account for large swings in such liabilities.

Recent developments in external debt

Welcoming also the actions taken by creditor countries within the framework of the Paris Club and by some creditor countries through the cancellation of bilateral debts, and urging all creditor countries to participate in efforts to remedy the external debt and debt servicing problems of developing countries,

(1)A serious financial difficulty occurs to the issuer or debtor

7. Emphasizes the great importance of a timely, effective, comprehensive and durable solution to the debt problems of developing countries since debt financing and relief can be an important source of capital for economic growth and development, and also emphasizes that creditors and debtors must share responsibilities for preventing unsustainable debt situations

Emphasizes the great importance of a timely, effective, comprehensive and durable solution to the debt problems of developing countries since debt financing and relief can be an important source of capital for economic growth and development, and also emphasizes that creditors and debtors must share responsibilities for preventing unsustainable debt situations

Emphasizes the high importance of a timely, effective, comprehensive and durable solution to the debt problems of developing countries, since debt financing and relief can be an important source of capital for economic growth and development, and emphasizes that creditors and debtors must share responsibilities for preventing unsustainable debt situations

(c) External debt crisis and development (A 60 139)

11. Also stresses the need to find a solution for the debt problems of heavily indebted low and middle income developing countries that are not eligible for debt relief under the Heavily Indebted Poor Countries Initiative, and in this regard continues to encourage the exploration of mechanisms to comprehensively address the debt problems of those countries, which may include debt for sustainable development swaps or multicreditor debt swap arrangements, as appropriate

There have been reductions in the ratios of debt to gross national income and debt service to export earnings since 2000, due to strenuous efforts at repayment by developing countries and some debt relief.

2. Emphasizes the special importance of a timely, effective, comprehensive and durable solution to the debt problems of developing countries, since debt financing and relief can contribute to economic growth and development

Welcoming also the actions taken by creditor countries within the framework of the Paris Club and by some creditor countries through the cancellation of bilateral debts, and urging all creditor countries to participate in efforts to remedy the external debt and debt servicing problems of developing countries,

A public debt crisis in Japan (as the combination of recession, deflation, and high deficits drove up the debt GDP ratio).

Heavily Indebted Poor Countries and the Millennium Development Goals

There are also middle income, high debt developing countries that need a reprieve from the debt burden they face.

Noting with concern the growing debt servicing problems of externally indebted developing countries, particularly the LDCs, as constituting an element adversely affecting their development efforts

Urgent consideration needed to be given to providing significant debt relief or restructuring for low and middle income developing countries that were not covered by the Heavily Indebted Poor Countries (HIPC) Initiative and whose debt burden was unsustainable.

Urges that the approach in the debt settlement should cover all types of debt, including multilateral debt, and all indebted developing countries, and incorporate measures aimed at a once and for all reduction arrangement to reduce their debt burden to a scale that would allow them to resume their economic growth and development.

UNCTAD should continue its work in the area of debt, including the study of the application of debt for equity swaps for development.

(f) To encourage exploring innovative mechanisms to comprehensively address the debt problems of developing countries, including middle income countries, and countries with economies in transition such mechanisms may include debt for sustainable development swaps, or multi creditor debt swap arrangements, as appropriate

(f) To encourage exploring innovative mechanisms to comprehensively address the debt problems of developing countries, including middle income countries, and countries with economies in transition such mechanisms may include debt for sustainable development swaps, or multi creditor debt swap arrangements, as appropriate

15. Invites creditors and debtors to continue to use, where appropriate and on a case by case basis, mechanisms such as debt swaps for alleviating the debt burden of low and middle income developing countries with an unsustainable debt burden that are not eligible for the Heavily Indebted Poor Countries Initiative, and takes note of the discussions and assessment by the Paris Club of the proposal for Debt for Equity in Millennium Development Goal Projects

19. Invites creditors and debtors to continue to use, where appropriate and on a case by case basis, mechanisms such as debt swaps for alleviating the debt burden of low and middle income developing countries with an unsustainable debt burden that are not eligible for the Heavily Indebted Poor Countries Initiative, and takes note of the discussions and assessment by the Paris Club of the proposal for Debt for Equity in Millennium Development Goal Projects

We seize this occasion to urge creditors, from both developed countries and international institutions, to cancel the debts of poor countries.

C. Financial mechanisms associated with a bond offering

2. Emphasizes the special importance of a timely, effective, comprehensive and durable solution to the debt problems of developing countries, since debt financing and relief can be an important source of capital for economic growth and development

2. Emphasizes the special importance of a timely, effective, comprehensive and durable solution to the debt problems of developing countries, since debt financing and relief can be an important source of capital for economic growth and development

For example, the Republic of Korea has undertaken measures to encourage the issuance of bonds by SMEs.10 One objective of the Asian bond market initiative11 is to increase bond financing options for smaller companies in Asia.

Emphasizes the special importance of a timely, effective, comprehensive and durable solution to the debt problems of developing countries, since debt financing and relief can be an important source of capital for economic growth and development