A/RES/59/222
19. Acknowledges the ongoing work towards a more comprehensive
approach to sovereign debt restructurings, supports the increasing inclusion of
collective action clauses in international bond issuing, and strongly encourages
leading bond issuing countries and the private sector to make substantial progress
on the preparation of an effective code of conduct, bearing in mind the need not to
preclude emergency financing in times of crisis, to promote fair burden-sharing and
minimize moral hazard, which will engage debtors and creditors to come together to
restructure unsustainable debts in a timely and efficient manner;
20. Welcomes the ongoing efforts, including those of the Bretton Woods
institutions, to improve the assessment of debt sustainability in low- and middleincome countries through, inter alia, the development of better tools to deal with
exogenous shocks and the need to take country-specific factors into account;
21. Requests the Secretary-General to report to the General Assembly at its
sixtieth session on the implementation of the present resolution;
22. Decides to include in the provisional agenda of its sixtieth session, under
the item entitled “Macroeconomic policy questions”, the sub-item entitled
“International financial system and development”.
75th plenary meeting
22 December 2004
5
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