A/RES/54/197 Page 2 those issues should continue in the framework of the dialogue and collaboration between the United Nations system and the Bretton Woods institutions, Deeply concerned at the overall declining trend in official development assistance, which is a significant external resource for financing development and an important source of support for the efforts of developing countries, in particular the least developed countries, to create an enabling environment for eradicating poverty and tackling basic social needs, especially where private capital flows may be either inadequate or unavailable, Emphasizing the importance of finding a durable solution to the problem of developing countries in meeting their external debt and debt-servicing obligations in order to release resources for financing their development efforts, welcoming, in this context, the Cologne debt initiative launched in June 1999 and the recent decisions of the International Monetary Fund and the World Bank on the enhanced Heavily Indebted Poor Countries Debt Initiative, which should provide deeper, broader and faster relief, and in this regard stressing the need for fair, equitable and transparent burden-sharing among the international public creditor community and other donor countries, Noting the establishment of credit contingency lines by the International Monetary Fund and the efforts to create and to strengthen the regional reserves in some regions, Expressing the need for future multilateral trade negotiations to result, inter alia, in increased access to markets for goods and services that are of export interest to developing countries, in particular the least developed countries, as trade is an important source of financial resources for their development efforts, Mindful of the need for the benefits of the increasing integration of global markets to be extended to all nations and peoples, in particular to developing countries, especially the least developed among them, noting that, while a number of developing countries have been able to take advantage of globalization of finance, not all of them have benefited from such flows, as they may be unavailable, inadequate or too concentrated to satisfy their needs, especially the least developed among them, and, therefore, noting the need to expand private capital flows while reducing the risks of volatility and to broaden access by developing countries to those flows, Noting the desirability of having financial regulatory frameworks so that capital mobility may benefit developing economies rather than undermine their development efforts, and noting in particular that short-term speculative capital flows, owing to their highly volatile nature, can often have negative impacts on the long-term goals of developing countries, Regretting that the recent financial crises led to a significant slowdown in the economic growth of many developing countries and other affected countries and had negative impacts in terms of social development, with the gravest impact on the most vulnerable, and in this context noting that, while some of the most visible effects of the crises are being overcome in some regions and sectors, continued action on a wide range of reforms needs to be taken so as to strengthen the international financial system and to adopt as well as to implement economic and legal frameworks, while reaffirming the need for continued efforts by individual economies to avoid the repetition of those crises, /...