External debt sustainability and development A/RES/74/203 international financial markets, including for purposes of debt refinancing, exp oses a growing number of developing economies to highly sensitive and amplified reactions to even mildly adverse economic developments, or the perception of such, in financial markets, Underlining that, globally, the gross domestic product growth rate cou ld increase significantly if every country achieved gender equality, and recognizing that the economic and social losses owing to a lack of progress in achieving gender equality and the empowerment of women and girls are significant, Recognizing with concern that, by 2018, the external debt positions of many developing countries had worsened again, with external debt stocks growing at a cumulative rate of almost 20 per cent for all developing countries over the past three years alone and with the ratio of total external debt to gross domestic product increasing to 29.1 per cent in 2018, compared with 23.3 per cent in 2011, and that the external debt positions of middle-income countries and small island developing States have worsened, as stated in the report of the Secretary-General, 5 Recognizing with concern also that small island developing States saw a sharp rise in 2003 in their total ratio of external debt to gross domestic product, which increased from 19.8 per cent in 2000 to 85.6 per cent in 2003, and that by 2010, external debt stocks had surpassed their combined gross domestic product, with the ratio reaching 118.9 per cent for small island developing States as a whole, Recognizing with concern further that total external debt stocks in middleincome countries, excluding small island developing States, grew by 8 per cent per annum over the period from 2009 to 2018, total external debt has grown by over 20 per cent since 2016 and the current debt represents 26.8 per cent of their combined gross domestic product, and that the debt of middle-income countries is not only growing at a faster pace than anticipated, but is a more costly debt with a shorter maturity, Recognizing the important role, on a case-by-case basis, of debt relief, including debt cancellation, as appropriate, and debt restructuring as debt crisis prevention, management and resolution tools, Recalling the Sendai Declaration and the Sendai Framework for Disaster Risk Reduction 2015–2030, 6 reiterating that severe natural disasters and social or economic shocks can undermine a country’s debt sustainability, and noting that public creditors have taken steps to ease debt repayment obligations through debt rescheduling and debt cancellation following an earthquake or a tsunami and in the context of the Ebola crisis in West Africa, noting the debt swap initiative of the Economic Commission for Latin America and the Caribbean, Debt for Climate Adaptation Swap, and encouraging consideration of further debt relief steps, such as the use of sovereign contingent debt instruments, where appropriate, and/or other measures for countries affected in this regard, as feasible, Expressing deep concern that a number of countries in special situations, in particular African countries, the least developed countries, landlocked developing countries and small island developing States, as well as a growing number of middle income countries, face challenges in servicing their debt and that, in spite of international efforts, a growing number of developing countries continue to struggle with high debt burdens and are classified, in accordance with the debt sustainability assessments, as being in debt distress or at high risk of debt distress, __________________ 5 6 19-22416 A/74/234. Resolution 69/283, annexes I and II. 3/9