Taking note of the report of the Secretary General on external debt crisis and development,A 57 253.

Taking note of the report of the Secretary General on recent developments in the debt situation of developing countries,A 55 422.

Taking note with great concern of the debt burden of many African countries, as debt servicing continues to drain the limited resources for development,

In October 2003, Paris Club creditors agreed on the Evian approach to deal with the debt of non HIPC low income and middle income countries, taking into account not only the financing gaps but also the medium term debt sustainability of these countries.

This confers on them a funding advantage and completely distorts markets. These subsidies are dangerous they encourage excessive risk taking and very high leverage meaning a lot of debt relative to equity for each bank and far too much debt relative to the economy as a whole.

There is therefore a need for further analysis of the debt sustainability concept, taking on board the views of other experts,32 and there is an obvious need for capacity building on this issue in debtor countries.

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

Proposals on debt restructuring frameworks

Group of 77 (on debt)

How to Default on Sovereign Debt

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.

To address the debt burden problem, many African countries at first resorted to repeated debt rescheduling which focused on debt service flows, resulting in steadily increasing debt stocks and related service payments.

His delegation therefore supported the application of the debt burden adjustment based on the debt stock approach.

Group of 77 (core group on debt)

Group of 77 (core group on debt)

Debt reduction, either through stock of debt reduction or debt service reduction based on a concessional rescheduling, will continue to be considered only in exceptional cases.

Taking On Revisionist Russia

Invites donor countries, taking into account country specific debt sustainability analyses, to continue their efforts to increase bilateral grants to developing countries, which could contribute to debt sustainability in the medium to long term, and recognizes the need for countries to be able to invest, inter alia, in health and education while maintaining debt sustainability

Thus, the Paris Club's Evian approach relies on IMF Debt Sustainability Analysis for determining the terms of debt reschedulings.

33 UNCTAD is implementing a project on development strategy and debt sustainability, which also integrates aspects of debt management.

19. Invites donor countries, taking into account country specific debt sustainability analyses, to continue their efforts to increase bilateral grants to developing countries, which could contribute to debt sustainability in the medium to long term, and recognizes the need for countries to be able to invest, inter alia, in health and education while maintaining debt sustainability

19. Invites donor countries, taking into account country specific debt sustainability analyses, to continue their efforts to increase bilateral grants to developing countries, which could contribute to debt sustainability in the medium to long term, and recognizes the need for countries to be able to invest, inter alia, in health and education while maintaining debt sustainability

21. Invites donor countries, taking into account country specific debt sustainability analyses, to continue their efforts to increase bilateral grants to developing countries, which could contribute to debt sustainability in the medium to long term, and recognizes the need for countries to be able to invest, inter alia, in health and education while maintaining debt sustainability

Invites donor countries, taking into account country specific debt sustainability analyses, to continue their efforts to increase bilateral grants to developing countries, which could contribute to debt sustainability in the medium to long term, and stresses the need to take steps to ensure that resources provided for debt relief do not detract from official development assistance resources

For this to happen, there must be urgent action on various international commitments and sustained global partnership for providing resources, trade opportunities and debt relief measures to least developed countries, taking into account their special needs and vulnerability.

The Paris Club has also recently allowed debt buy backs or prepayment operations.21 In 2005, a number of debtor countries offered a prepayment at par of whole or part of outstanding Paris Club debt, taking advantage of lower interest rates to raise funds on capital markets for that purpose or using their extra cash funds.

17. Invites the United Nations Conference on Trade and Development, the International Monetary Fund and the World Bank, in cooperation with the regional banks, regional commissions and multilateral institutions, to study the possibility of creating a consultative group on external debt management aimed at developing best practices and strengthening the institutional capacity of developing countries in debt management, taking into account work that has already been done

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.

There have been many proposals on debt restructuring mechanisms.

Oral statements in plenary on CTT and debt sustainability.

Oral statements on global governance and debt and written statement on trade.

In order to achieve the ample debt service coverage and taking into account the historical pattern of assessment payments by Member States, investors would probably require 250 per cent of the normally required debt service percentage to be set aside from assessment payments early in the calendar year, thereby allowing the total annual debt service requirement to be reached more quickly every year.

Debt sustainability and debt relief

In some countries Argentina, Ecuador and the Russian Federation the debt crisis led to a suspension of payments or defaults on debt service.

Within a year of taking office, my predecessor increased the NFA s debt to 18 billion pesos. In the course of the next eight and a half years, her administration imported much more rice than was needed, resulting in 177 billion pesos in debt by the time she stepped down.

The Group of Eight initiatives on debt relief and on Africa are important contributions.

In these cases, debt restructurings produced a haircut on exchanged bonds.

In December 2001, the Government declared default on its external debt.

Group of 77 (core groups on debt and international financial systems)

Lower interest rates on loans are available in capital markets to borrowers who have ample debt service coverage , which is defined as total revenues available for debt service as a percentage of the required debt service.

Besides these cost savings, the active use of DMFAS in debt offices ensures that countries have an up to date database on debt, allowing more effective debt management and better preparation for loan and rescheduling negotiations.

We welcome the increase in debt relief, including debt cancellation, for many of the most highly indebted poor countries, as well as the renewed focus on Africa and on HIV AIDS.

We continue our work on settling the debt of African countries on a bilateral basis.

The amount of debt relief would then be determined on the basis of expected development assistance and the need to avoid a new debt overhang.

It depends on us taking the third side.