The first was the absence of agreement on the concept of debt sustainability.

Indeed, given the distressing debt indicators for Indonesia it is likely that economic stability would not have been possible without a debt restructuring agreement.

The recent G8 agreement on debt relief for the poorest nations was a positive step.

EU member States recently agreed to support the G 8 agreement to write off debt.

Agreement by the G 8 to debt relief is a major event, but we should not be fooled by the seeming magnanimity of the gesture much of the debt would not have been repaid in any case. More debt relief encompassing more countries and more debt (including bilateral debt) is needed.

We recognize that the agreement does not cover bilateral debt and debt owed to other multilateral credit institutions, and we call for measures to address those issues in order to address the debt burden in Africa comprehensively.

The Paris Club Agreement with Iraq of November 2004 represents a significant step towards long term debt sustainability.

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.

He welcomed the tentative agreement reached on the base period, the debt burden adjustment and the scheme of limits.

Technical Co operation Agreement between UNCTAD and the Eastern Southern African initiative on debt and reserves management, 27 September 1994.

While the Committee had reached tentative agreement on the base period, the debt burden adjustment and the scheme of limits, it had been unable to reach agreement on a ninth proposal.

However, a goodwill clause was included in the final agreement, stipulating that creditors were ready to review Gabon's debt situation in 2005.

Nevertheless, the Committee had managed to reach tentative agreement on the base period, the debt burden adjustment and the scheme of limits.

A proposal has been made to set up an independent commission, appointed by agreement between creditors and debtors, to assess the debt sustainability of developing countries.17 An important factor behind the apparent failure to deal with the debt problems in an expeditious way is the insufficient level of financing of debt relief or debt rescue packages.

His Government apos s recent agreement with Nicaragua on the settlement of its debt to the Russian Federation provided an example of such participation.

It welcomed the progress made in alleviating bilateral debt of developing countries and the Paris Club membership agreement recently concluded with the Russian Federation.

Extended negotiations commenced with IMF on a third revised agreement that would include provisions on the handling of the debt crisis by the Government.

The value of innovative sources of financing for development had been recognized and agreement had been reached on considering additional measures to ensure long term debt sustainability through increased grant based financing, cancellation of the official multilateral and bilateral debt of Heavily Indebted Poor Countries, and debt relief or restructuring for low income and middle income developing countries with unsustainable debt burdens.

It was seeking to reach an agreement with the International Monetary Fund for the inclusion of Nicaragua in the Heavily Indebted Poor Countries Debt Initiative.

Debt sustainability and debt relief

We welcome additional proposals for innovative sources of financing and the recent agreement by Ministers of Finance of the Group of Eight on multilateral debt relief.

Belgium, Italy, Norway and the United Kingdom of Great Britain and Northern Ireland have also contributed to the Multilateral Debt Trust Fund managed by the World Bank, and Italy and the Russian Federation have entered into a bilateral debt alleviation and cancellation agreement with Burundi

In that regard, Malaysia welcomes the agreement by the Group of 8 to cancel the debt of the 18 poorest countries, the majority of which are in Africa.

Debt

Debt

Debt?

External debt and debt servicing costs had also risen.

Debt for equity swaps Other debt for development swaps

The Bretton Woods institutions and the Paris Club had now reached agreement on a comprehensive approach to reducing the debt of several of the poorest countries to sustainable levels.

Most economists failed to foresee the economic dynamics that actually led to the crisis, because they failed to pay enough attention to the rapid increase in US total debt. Instead, they focused exclusively on US foreign debt, ignoring household debt (mortgage and consumer debt), public debt, business debt, and financial debt.

We are not asking for debt forgiveness or debt cancellation.

Overall, short term debt and total debt service also declined.

On 29 June 2005, the Paris Club creditors announced their agreement to enter into negotiations with Nigeria on a comprehensive exit debt treatment, which would include debt reduction up to Naples terms on eligible debts and a buy back at a market related discount on the remaining eligible debts.

The agreement was... Agreement?

External debt

Debt relief

External debt

External debt

1. Debt

Debt flows

Debt management

Debt conversion

In debt?

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

This led to increased concern about the levels of internal debt and total debt and the implications for servicing the debt.