A/RES/59/223
1.
Takes note of the report of the Secretary-General; 5
2.
Emphasizes that creditors and debtors must share responsibility for
preventing and resolving unsustainable debt situations in a timely and efficient
manner, stresses the need to continue to bring them together in relevant international
forums, and in this regard reiterates that the international financial system, along
with enhanced official and private external financing and foreign direct investment,
are key elements for a durable solution;
Stresses that debt relief can play a key role in liberating resources that
3.
should be directed towards activities consistent with poverty eradication, sustained
economic growth and sustainable development and the achievement of the
internationally agreed development goals, including those contained in the United
Nations Millennium Declaration,2 and in this regard urges countries to direct those
resources freed through debt relief, in particular through debt cancellation and
reduction, towards these objectives;
Also stresses that debt sustainability depends on a confluence of many
4.
factors at the international and national levels, underscores the fact that no single
indicator should be used to make definitive judgements about debt sustainability,
and in this regard, while acknowledging the need to use transparent and comparable
indicators, emphasizes that country-specific circumstances and the impact of
external shocks should be taken into account in debt sustainability analyses and
invites the International Monetary Fund and the World Bank, in their assessment of
debt sustainability, to take into account fundamental changes caused by, inter alia,
natural disasters, conflicts and changes in global growth prospects or in the terms of
trade, especially for commodity-exporting developing countries;
Notes with concern that, in spite of the progress achieved, some countries
5.
that have reached the completion point of the Heavily Indebted Poor Countries
Initiative have not been able to achieve lasting debt sustainability, stresses the
importance of promoting responsible lending and borrowing and the need to help
these countries manage their borrowings and avoid a build-up of unsustainable debt,
including through the use of grants, and in this regard welcomes the ongoing work
by the International Monetary Fund and the World Bank to develop a forwardlooking debt sustainability framework for heavily indebted poor countries and lowincome countries, as well as the current discussion on other initiatives aimed at
ensuring long-term debt sustainability, including through debt reduction or
cancellation, while stressing the need to maintain the financial integrity of the
multilateral financial institutions;
Stresses the need for the World Bank and the International Monetary
6.
Fund to keep the overall implications of the framework for low-income countries
under review, calls for transparency in the computation of the country policy and
institutional assessments, and welcomes the intention to disclose the International
Development Association country performance ratings that form part of the
framework;
Reaffirms the need to pursue, where appropriate, debt relief measures
7.
vigorously and expeditiously, by all creditors, including within the Paris and
London Clubs and other relevant forums, and welcomes other bilateral initiatives
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A/59/219.