A/RES/74/203 External debt sustainability and development Recognizing the importance of debt sustainability for the smoo th transition of countries graduating from least developed country status, as well as those that have already graduated, Emphasizing that international support, in the form of official development assistance and a coordinated multilateral effort to provid e low-cost, long-term development financing, as well as enhanced domestic resource mobilization, which is the primary source of financing for development across all country classifications, are needed to address the growing challenges to developing countries’ debt sustainability, Taking note of the operational guidelines for sustainable financing promoted by the Group of 20, while urging the Group to continue to engage in an inclusive and transparent manner with other States Members of the United Nations i n its work, in order to ensure that the initiatives of the Group complement or strengthen the United Nations system, and noting the progress achieved in the implementation of the operational guidelines, Noting the need for coordinated efforts by the International Monetary Fund and the World Bank to promote responsible, transparent and sustainable lending and borrowing, including debt transparency, 1. Takes note of the report of the Secretary-General; 5 2. Emphasizes the special importance of timely, effective, comprehensive and durable solutions to the debt problems of developing countries to promote their economic growth and development; 3. Recognizes the importance, in particular, of new and emerging challenges and vulnerabilities in regard to developing country external debt sustainability arising from structural changes to overall debt composition, the rapid growth of private sector debt in many emerging and developing countries and the growing use of new debt financing instruments and approaches; 4. Notes the growing concerns about fast-rising corporate debt, high-risk exposure to volatile international financial markets and fast -growing debt servicing burdens as potential triggers of financial and debt crises a nd the consequent need for coordinated policy responses; 5. Stresses the need to continue to assist developing countries in avoiding a build-up of unsustainable debt so as to reduce the risk of relapsing into another debt crisis, taking into account the challenges posed by the global economic environment and risks for debt sustainability in some developed and developing countries; 6. Acknowledges the role played by the Debt Sustainability Framework for Low-Income Countries, jointly developed by the International Monetary Fund and the World Bank, to guide borrowing and lending decisions, and notes its operationalization in 2018 and the further enhancement of debt sustainability assessment frameworks, consistent with the 2030 Agenda for Sustainable Development 7 and longer-term structural transformation; 7. Reiterates that no single indicator should be used to make definitive judgments about a country’s debt sustainability, and, in view of the new challenges and vulnerabilities for developing countries’ external debt sustainability, substantiated by the work of the United Nations Conference on Trade and Development and recent joint analyses of the International Monetary Fund and the World Bank, stresses the need for improved data collection and quality in area s that include domestic public debt and domestic and external private debt, as well as legal __________________ 7 4/9 Resolution 70/1. 19-22416