A/RES/60/187 importance of eligible countries maintaining sound economic policies and performance; 12. Notes with concern that, in spite of the progress achieved, some countries 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 borrowing and lending and the need to help those countries to manage their borrowing and to 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; 13. Welcomes the continued flexibility with regard to the application of eligibility criteria for the enhanced Heavily Indebted Poor Countries Initiative, in particular for low-income developing countries emerging from conflicts and/or affected by natural disasters, and on the computational procedures and assumptions underlying debt sustainability analysis, and in this regard takes note of the work on identifying low-income countries with unsustainable debt as of the end of 2004, with a view to finalization, by early 2006, of the list of countries potentially eligible for assistance under the Heavily Indebted Poor Countries Initiative; 14. Emphasizes that the Evian approach of the Paris Club, decided upon by creditors in October 2003, deals with the bilateral debt of non-heavily indebted poor countries and low- and middle-income countries, taking into account not only the financing gaps but also the medium-term debt sustainability of these countries, and welcomes the fact that its objective is to tailor debt restructuring to the financial needs of the country concerned and to ensure long-lasting debt sustainability for countries that have adopted policies that will secure an exit from Paris Club debt reschedulings; 15. Calls upon creditor countries, in this regard, to continue to ensure that a tailored response to debt restructuring is granted only in a case of imminent default and is not considered by debtor countries as an alternative to more expensive sources of finance, and takes into account country-specific circumstances, financial vulnerabilities and the objective of enhancing long-lasting debt sustainability, while emphasizing that creditors and debtors must share responsibility for preventing and resolving unsustainable debt situations in a timely and efficient manner; 16. Acknowledges the ongoing work towards a more comprehensive approach to sovereign debt restructuring, supports the increasing inclusion of collective action clauses in international bond issuing, takes note of the work on issues related to international arbitration and mediation mechanisms, and welcomes the efforts by borrowing countries and private-sector creditors to broaden the consensus on the Principles for Stable Capital Flows and Fair Debt Restructuring in Emerging Markets, which could contribute to strengthening crisis prevention and enhancing predictability of crisis management, bearing in mind the need not to preclude emergency financing in times of crisis, to promote fair burden-sharing and to minimize moral hazard; 17. Stresses the need to find a solution for the debt problems of low- and middle-income developing countries with unsustainable debt burdens that are not eligible for assistance under the Heavily Indebted Poor Countries Initiative, and in this regard invites creditors and debtors to continue to use, where appropriate and on a case-by-case basis, mechanisms such as debt swaps for alleviating their debt burden, and also stresses that this should be achieved in a fashion that does not 4