Closely related to ODA is the issue of external debt.

A third crucial issue was debt relief for poor countries.

One advantage of the approach was said to be that it separated the issue of scope of application of the draft instrument from the issue of derogation from certain of the specific provisions of the draft instrument.

In the absence of any legally binding instrument on that issue, such cooperation was entirely voluntary.

Secondly, we welcome the handling of the debt issue through the outright cancellation of the debt of 18 of the poorest countries.

Issue 2 Under what conditions should it be possible to derogate from the provisions of the draft instrument?

In countries that cannot issue debt in their own currency (traditionally emerging market economies), or that issue debt in their own currency but cannot independently print money (as in the euro zone), unsustainable fiscal deficits often lead to a credit crisis, a sovereign default, or other coercive form of public debt restructuring.

Several panellists raised the issue of whether it was necessary to develop a new international instrument against computer related crime.

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

The Government of Iraq must conclude further debt relief agreements and must also find a comprehensive solution to the issue of reparation obligations, which significantly exceed the external debt stock.

Issue 3 Should there be mandatory provisions of the draft instrument from which derogation should never be allowed, and if so, what were they?

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Invite the Bretton Woods institutions to consider the issue of debt sustainability and the implications of an HIPC initiative for Haiti.

The issue of whether or not the instrument should be legally binding should not be a wedge issue anymore, taking into account the fact that the illicit trafficking of small arms and light weapons is already criminalized in many jurisdictions.

They underlined that the United Nations Convention against Corruption was the only international instrument dealing with the issue of asset recovery and return in the context of corruption.

Participants were also concerned about the issue of conditionality attached to debt cancellation and the impact this would have on the quality of aid.

16. Stresses the need to significantly address the debt problems of middle income developing countries, and in this regard stresses the importance of the Evian approach of the Paris Club as a practical means to address this issue, and notes that the current debt sustainability framework used to analyse the debt situation of middle income countries focuses mostly on medium term debt dynamics

In establishing a credit rating on a United Nations bond issue, the credit rating agencies would focus on the source and probability of timely debt service payments, in accordance with the terms applicable to the bond issue.

One possible solution would be to permit member states to issue debt as eurobonds up to, say, 60 of GDP, and to require them to be individually responsible for any debt exceeding that level. This would give countries with high levels of public debt an incentive to consolidate their public finances.

Invites the Bretton Woods institutions to consider the issue of debt sustainability and the implications of the Highly Indebted Poor Countries (HIPC) initiative for Haiti

Finally, the representative called for a realistic response to the issue of debt relief and welcomed the initiative taken at the G8 Summit in Gleneagles.

WASHINGTON, DC Sovereign debt has been back in the news recently, this time because of a United States Supreme Court ruling concerning Argentine debt. As a result of the ruling, a complicated issue is likely to become even more so.

If you still find yourself there, stop the desire to deleverage by having the Treasury guarantee risky assets, or issue safe ones, in order to raise the quality of debt in the market this, too, will make holding debt more attractive.

Third, while ECB policies keep borrowing costs lower, private and public debt in the periphery countries, as a share of GDP, is high and still rising, because the denominator of the debt ratio nominal GDP is barely increasing. Thus, debt sustainability will remain an issue for these economies over the medium term.

The issue of concluding work on the draft instrument was reassessed in light of earlier discussions on this topic in the Working Group (see A CN.9 552, para. 168).

Global support for making poverty history shows how the issue of Third World poverty has finally struck a responsive chord. Debt relief is a good beginning.

While ODA and increased market access are important components of assistance to Africa, developed countries should ensure coherence among their aid, trade, debt and investment policies vis à vis Africa so that the support extended to Africa through one instrument (e.g., debt relief) is not nullified by another (e.g., trade policy).

3. If you still find yourself there, stop the desire to deleverage by having the Treasury guarantee risky assets, or issue safe ones, in order to raise the quality of debt in the market this, too, will make holding debt more attractive.

The issue was not only the aggregate level of debt it was also a question of balance between private and public sector debt, their maturity structure, the level of contingent liabilities, reserve management and pursuit of macroeconomic policies consistent with development objectives.

The Nigerian delegation therefore urges all States Members of the United Nations to set aside their differences on this issue and work together towards the adoption of such a universal instrument.

Further consideration should be given to the issue of whether exclusive jurisdiction clauses should be allowed pursuant to the draft instrument, and whether they should apply with respect to third parties

He welcomed the entry into force of the Kyoto Protocol and reaffirmed his delegation's faith in the Convention as the best legal instrument available for addressing the crucial issue of climate change.

Any approach to the issue must continue to explore the problem of our countries' external debt, linking the important concept of debt sustainability not only to the attainment of the Millennium Development Goals (MDGs), but also to the MDGs plus , or additional millennium development goals.

Also, T. J. Moss and H. S. Chiang, Issue paper on debt sustainability No. 3 the other costs of high debt in poor countries growth, policy dynamics, and institutions , (Washington, D.C., Center for Global Development, August 2003), p. 11 available at http www.cgdev.org docs Moss_Chiang.pdf.

This report provided a technical analysis of the issue and addressed the debt problems of African countries in the context of achieving the Millennium Development Goals by 2015.

Another issue would be the need to define the relationship between this instrument and existing legally binding instruments that already deal with certain forest related matters, such as biological diversity and carbon sequestration.

Issue 1 Should OLSAs be included within the scope of application of the draft instrument as volume contracts, the inclusion of which would be determined by the character of the individual shipments thereunder?

In this regard, issues important to Cuba included a prompt solution to the issue of TRIPS and public health, addressing the concerns of small economies, dealing with the relationship between trade, debt and finance, and addressing the issue of trade and transfer of technology.

Debt sustainability and debt relief

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