2. Commercial debt

4. External debt (bilateral, multilateral and commercial)

Commercial bank debt is renegotiated within the London Club, while the International Development Association (IDA) Debt Reduction Facility provides funding for the buy back of commercial bank debt of low income countries.

39. In 1997, four low income countries concluded debt and debt service reduction agreements with commercial banks.

The commercial banking debt, principal and interest combined, comes to about B3,222 million.

India did its part by writing off the debt owed by African countries under the HIPC Initiative and by restructuring commercial debt.

Regional development banks B. External debt problem of developing countries (bilateral, multilateral and commercial)

quot 19. Invites creditor countries, commercial banks and multilateral financial institutions to continue the initiatives and efforts to address the commercial debt problems of the least developed countries and the requests for continued mobilization of resources through the Debt reduction Facility of the International Development Association in order to help least developed countries reduce their commercial debt

41. Debt conversion programmes have also played an important role in commercial debt restructuring in the past, but such activity has declined recently.

38. Between 1989 and 1997, officially supported programmes and associated market swap operations reduced developing countries debt to commercial banks by 53.2 billion, equivalent to 23 per cent of the 231.2 billion of eligible commercial bank debt.

211. Private creditors and, in particular, commercial banks should be encouraged to continue their initiatives and efforts to address the commercial debt of developing countries.

20. Reduction of commercial bank debt has also been gradually introduced within the London Club in the treatment of the 1980s sovereign debt crisis.

The search for a comprehensive, durable and development oriented approach to the debt problem should apply to all categories of debt commercial, bilateral and multilateral.

Most least developed countries have benefited from these plans, whether in the form of ODA debt cancellation, rescheduling of official debts in the Paris Club, commercial debt buy backs or multilateral debt arrangement.

Fifteen middle income countries have reduced by 20 per cent their commercial bank debt of 213 billion.

in particular the appropriate actions in favour of those countries concerning their official bilateral commercial and multilateral debt

There should be an initiative for a comprehensive, rather than piecemeal, resolution of this problem covering commercial, bilateral and multilateral debt, and also involving reduction of debt stock.

There should be an initiative for a comprehensive (rather than a piecemeal) resolution of this problem, covering commercial, bilateral and multilateral debt, and also involving reduction of debt stock.

20. Invites creditor countries, private banks and multilateral financial institutions, within their prerogatives, to continue the initiatives and efforts to address the commercial debt problems of the least developed countries and the requests for continued mobilization of resources through the Debt reduction Facility of the International Development Association in order to help least developed countries reduce their commercial debt

79. Long term renegotiation of debt owed to commercial banks can take place in the framework of the London Club.

11 The present section draws on World Bank Global Development Finance, 1998, appendix 3, Commercial debt restructuring , pp. 83 102.

26. The international community has also provided assistance to debtor countries in the restructuring of their debt to commercial banks.

15. Regarding the debt problem, his Government had signed an agreement with the Paris Club on a comprehensive mid term restructuring of its debt, and another accord with the creditors of the London Club on rescheduling its commercial debt.

13. Invites creditor countries, private banks and multilateral financial institutions, within their prerogatives, to continue the initiatives and efforts to address the commercial debt problems of the least developed countries and the requests for continued mobilization of resources through the Debt reduction Facility of the International Development Association in order to help eligible least developed countries reduce their commercial debt

13. Invites creditor countries, private banks and multilateral financial institutions, within their prerogatives, to continue the initiatives and efforts to address the commercial debt problems of the least developed countries and the requests for continued mobilization of resources through the Debt reduction Facility of the International Development Association in order to help eligible least developed countries reduce their commercial debt

24. Invites creditor countries, private banks and multilateral financial institutions, within their prerogatives, to continue the initiatives and efforts to address both the commercial debt problems of the least developed countries and the requests for continued mobilization of resources through the Debt reduction Facility of the International Development Association in order to help least developed countries reduce their commercial debt

quot 8. Invites bilateral and multilateral creditors and commercial banks to implement new initiatives including debt swaps, and debt and debt service cancellation for debtor developing countries in response to the implementation of outcomes and action plans of major United Nations conferences

14. Recognizes the efforts of indebted developing countries in regard to fulfilling their commitments on debt servicing despite the high social cost incurred and, in this regard, encourages private creditors and, in particular, commercial banks to continue their initiatives and efforts to address the commercial debt problems of middle income developing countries

The remainder of the total external debt stock of Iraq, approximately 80 billion, is largely owed to official Arab bilateral and commercial creditors.

12. Recognizes the efforts of indebted developing countries in regard to fulfilling their commitments on debt servicing despite the incurring of a high social cost and, in this regard, encourages private creditors and, in particular, commercial banks to continue their initiatives and efforts to address the commercial debt problems of middle income developing countries

82. The policies of some multilateral institutions aimed to encourage poor nations to grow commercial crops to repay foreign debt and to import food.

3. Emphasizes the need for additional debt reduction measures, in particular, cancellation or partial reduction of the official debt or debt service, and consideration of other possible specific forms and means of resolving the external debt problem of the developing countries, including rescheduling agreements, and for an urgent solution to the commercial and multilateral debt owed by developing countries, taking into account the needs of debtor countries

16. Notes with concern the continuing burden of debt and debt service obligations of middle income countries, including in particular those in Africa, and encourages creditors, including multilateral financial institutions and commercial banks, to continue to address their obligations effectively

Agreements under the Brady Plan, with financial contributions from IDA and bilateral donors, allowed Côte d Ivoire to reduce its debt to commercial banks by 4.1 billion in nominal terms, or close to 63 per cent of the total amount restructured, and allowed Viet Nam to reduce its commercial bank debt by 237.6 million, equivalent to 30 per cent of the amount restructured.

25. Recognizes the efforts of indebted developing countries in regard to fulfilling their commitments on debt servicing despite the high social cost incurred, and, in this regard, encourages private creditors and, in particular, commercial banks to continue their initiatives and efforts to address the commercial debt problems of middle income developing countries, in particular those affected by the financial crisis

Much more work remained to be done, particularly in areas such as commercial multilateral diplomacy, debt management, investment, productivity and diversification of commodity production, and improvements in ports.

Similarly, States should ensure that enterprises operating abroad are not involved in commercial relations based on human rights violations such as bonded labour, child labour and debt bondage.

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16. Notes with concern the continuing burden of debt and debt service obligations of middle income developing countries, including in particular those in Africa, and encourages creditors, including multilateral financial institutions and commercial banks, to continue to support those countries in addressing these obligations effectively

23. Notes with concern the continuing burden of debt and debt service obligations of middle income developing countries, including in particular those in Africa, and encourages creditors, including multilateral financial institutions and commercial banks, to continue to support those countries in addressing these obligations effectively

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21. Recognizes the efforts of indebted developing countries in regard to fulfilling their commitments on debt servicing despite the high social cost incurred and, in this regard, encourages private creditors and, in particular, commercial banks to continue their initiatives and efforts to address the commercial debt problems of middle income developing countries, particularly those affected by the financial crisis, and especially those susceptible to the contagion of such crises

28. Notes with concern the continuing burden of debt and debt service obligations of middle income developing countries, including in particular those in Africa, and encourages creditors, including multilateral financial institutions, commercial banks and bilateral creditors to continue to support those countries in addressing these obligations effectively

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