Global Action for Global Recovery

It nevertheless points to external debt as a serious constraint for reconstruction and recovery.

96. A framework for action on debt.

94. The need for additional action on debt.

17. International debt strategies have also evolved, slowly at first, towards the recognition that in cases of insolvency, debt reductions are necessary to lift the debt overhang and allow a recovery of the debtor s economy.

63. The debt problem continued to be a major obstacle to Africa apos s economic recovery and development.

But these experiences have also shown that when debt restructurings give enough breathing space and release resource constraints on development, economic recovery resumes quickly and countries truly exit from debt problems.

The international community has, so far, failed to develop effective and equitable arrangements for restructuring sovereign debt, despite the clearly dysfunctional and problematic consequences of past international public debt crises. This prevents timely debt workouts when needed, effectively impeding recovery.

In September 1998, the Zambian Revenue Authority sent demand letters to local staff requesting retroactive payment of income tax for two years, together with a penalty fee and interest, and further threatening debt recovery action if the amounts charged were not paid immediately.

Some participants stated that collective action clauses were a useful feature of debt restructuring.

In that context, we reiterate the calls for more radical action by the international community, in line with recommendations that debt relief should cover multilateral and bilateral debt and reduce debt stock and debt servicing by up to 100 per cent.

Cleaning up high private sector debt and lowering public debt ratios by growth alone is particularly hard if a balance sheet crisis leads to an anemic recovery. And reducing debt ratios by saving more leads to the paradox of thrift too fast an increase in savings deepens the recession and makes debt ratios even worse.

116. The World Food Programme is involved in mine action in the context of relief and recovery programmes.

We heard a strong welcome for recent progress on aid and debt, although many members expect further action on debt, more quickly and in more countries.

In these circumstances, we need collective action for global recovery along four main policy lines repair, reform, rebalancing, and rebuilding.

Haiti's ability to remain current in its debt service obligations depends on overall macroeconomic performance and sustained economic recovery as well as continued and timely donor disbursements.

Debt sustainability needs to be redefined to enable the least developed countries to achieve the goals contained in the Brussels Programme of Action without an increase in debt ratio.

(e) An informal consultation on the role and action of UNFPA in emergency preparedness, humanitarian response, and transition and recovery and

It is also well known that a liquidity crisis can become a solvency crisis if the relief on debt servicing is not sufficient to promote a strong recovery.

Moreover, excessive debt burdens continue to be a great hindrance to our recovery potential, especially in the light of escalating oil prices and the depression in commodity prices.

But there were also calls for action on the issue of debt in all heavily indebted African countries.

95. Significant movement on lifting Africa s crippling debt burden will require concerted political action at the highest levels.

Recovery

Simultaneous action on a longer term strategy should be considered and should cover the broad picture of disaster prevention management and recovery.

The CCPOQ study mentioned above provided ACC with the following agreed fundamental principles for United Nations system action in post conflict recovery

6.3 The System wide Plan of Action for African Economic Recovery and Development was launched in 1992 and subsequently revised in 1994.

A strong, durable economic recovery would make such an approach workable. Most European officials hope that, when combined with substantial public money to support troubled sovereign debt, it will.

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

Action on debt relief and trade reform to benefit low income countries should also reflect the Millennium Development Goals.

The US has made a complete U turn in ideological and practical terms, relying on Keynes and massive debt financed public demand to rein in further economic decline. But Europeans, while having launched national recovery plans, remain unwilling to take on a similar debt risk.

The administration obtained three legal opinions, which recommended against pursuing action because of the low likelihood that there would be any financial recovery.

In paragraph 74 of the report, UNFPA agreed with the Board's recommendation that it implement a formal debt collection policy to facilitate the effective monitoring and recovery of outstanding receivables.

In paragraph 74, UNFPA agreed with the recommendation of the Board of Auditors to implement a formal debt collection policy to facilitate the effective monitoring and recovery of outstanding receivables.

This approach has its roots in the debt crisis of the early 1980s, when the architects of structural adjustment saw increased FDI as the key to a sustained economic recovery.

Notes the importance of developing international mechanisms for the implementation of the actions established in the Hyogo Framework for Action, such as the International Recovery Platform, launched to assure the reduction of vulnerability in the post disaster recovery phase

Dell Recovery

Asset recovery

Economic recovery

Economic recovery

Economic recovery

Disaster recovery

Cost recovery

National recovery

Financing recovery

Truck, recovery