A/RES/53/175 Page 2 Welcoming and emphasizing the importance of the efforts of debtor countries, despite the great social cost often involved, in pursuing economic reform, stabilization and structural adjustment programmes aimed at achieving stability, raising domestic savings and investments, attaining competitiveness to take advantage of market access opportunities where available, reducing inflation, improving economic efficiency and addressing the social aspects of development, including the eradication of poverty as well as the development of social safety nets for the vulnerable and poorer strata of their populations, and encouraging them to continue in these efforts, Noting that the ongoing international financial crisis is adding further burdens to the external debt problems of many developing countries and that a number of developing countries have continued to meet their international debt and debt-service obligations in a timely fashion, despite serious external and domestic financial constraints, Noting also, in this context, the increasing significance of official development assistance as an external resource for many developing countries, particularly African countries and the least developed countries, in the light of reduced private flows, and further that the overall declining trend in official development assistance is a cause for concern, Stressing the need for a full, swift implementation of those initiatives, which will further assist developing countries, in particular the poorest and heavily indebted countries, especially in Africa, in their efforts to improve their debt situation, in view of their continued very high level of total debt stock and servicing burdens, Noting the improvement in the debt situation of a number of countries and the contribution that the evolving debt strategy has made to this improvement, noting with appreciation the debt-relief measures taken by creditor countries both within the framework of the Paris Club and through the cancellation and equivalent relief of bilateral official debt, and welcoming the even more favourable debt-relief measures taken by the Paris Club on the basis of the Naples terms of December 1994 and, for the first time, on the basis of the Lyon terms, Noting with concern the continuing debt and debt-servicing problems of indebted developing countries as constituting an element adversely affecting their development efforts and economic growth, and stressing the importance of alleviating the onerous debt and debt-service burdens connected with the various types of debt of many developing countries on the basis of an effective, equitable, development-oriented and durable approach and, where appropriate, addressing the full stock of debt of the poorest and most indebted developing countries as a matter of priority, Encouraging multilateral creditors to consider appropriate measures in the case of developing countries with exceptionally high levels of debt overhang, Welcoming the decision of the International Monetary Fund and the World Bank to undertake a comprehensive review of the Heavily Indebted Poor Countries Debt Initiative as early as 1999, Stressing the need for continuing global economic growth and the necessity for a continuing supportive international economic environment with regard to, inter alia, terms of trade, commodity prices, improved market access, trade practices, access to technology, exchange rates and international interest rates, and noting the continued need for resources for the sustained economic growth and sustainable /...