A/RES/58/203 Noting with concern the fact that some highly indebted, low- and middleincome developing countries continue to face serious difficulties in meeting their external debt-servicing obligations, which constitutes an element that seriously constrains their efforts to ensure sustained economic growth and sustainable development, Noting that, in 2002, developing countries as a whole made net outward transfers of financial resources for the sixth consecutive year, and underscoring the need for measures, as appropriate, at the national and international levels to address this issue to enhance the prospects for debt sustainability, while noting also the fact that for some developing countries those transfers, at the present time, indicate positive developments in the trade balance, and were required, inter alia, for debt repayment, Convinced that enhanced market access for goods and services of export interest to developing countries contributes significantly to debt sustainability in developing countries, Welcoming the positive impact of the enhanced Heavily Indebted Poor Countries Initiative, while recognizing that significant challenges remain, and inviting all developed bilateral creditors to forgive on a unilateral basis up to 100 per cent of all remaining claims after HIPC debt relief, Welcoming also the actions taken by creditor countries within the framework of the Paris Club and by some creditor countries through the cancellation of bilateral debts, urging all creditor countries to participate in efforts to remedy the external debt and debt-servicing problems of developing countries, and noting the Evian Approach of the Paris Club of October 2003 and that debt relief does not replace alternative sources of financing, Emphasizing the important role that private sector creditors play in debt relief and debt sustainability, Welcoming the call in the communiqué issued by the joint International Monetary Fund/World Bank Development Committee on 22 September 2003 in Dubai urging all official and commercial creditors to participate in the Heavily Indebted Poor Countries Initiative, Recognizing the current debate on sovereign debt restructuring, especially the efforts led by sovereign debtors and private creditors to develop a voluntary code of conduct, and stressing that modalities for sovereign debt restructuring should be voluntary, market-friendly and flexible, with due consideration of the specific circumstances of individual countries, and should result from the participation of all relevant stakeholders, Noting the increasing voluntary use of collective action clauses in sovereign bond contracts by both developing and developed countries, 1. Takes note of the report of the Secretary-General; 3 2. Reaffirms the determination, as expressed in the United Nations Millennium Declaration,1 to deal comprehensively and effectively with the debt problems of low- and middle-income developing countries, through various national and international measures designed to make their debt sustainable in the long term; _______________ 3 2 A/58/290.