A/RES/58/203
that have been undertaken to reduce outstanding indebtedness, so as to contribute to
debt sustainability and facilitate sustainable development;
11. Calls upon the international community, including the United Nations
system, and invites the Bretton Woods institutions as well as the private sector to
take appropriate measures and actions for the implementation of the commitments,
agreements and decisions of the major United Nations conferences and summits, in
particular those relating to the question of the external debt problem of developing
countries, and in this regard stresses the need:
(a) To implement speedily, effectively and fully the enhanced Heavily
Indebted Poor Countries Initiative, which should be fully financed through
additional resources, while stressing the need for fair, equitable and transparent
burden-sharing among the international public creditor community and other donor
countries, and take into consideration, as appropriate, measures to address any
fundamental changes in the economic circumstances of those developing countries
that have an unsustainable debt burden, including those caused by natural
catastrophes, severe terms-of-trade shocks or conflict, taking into account initiatives
that have been undertaken to reduce outstanding indebtedness;
(b) To continue to bring about a sustained commitment on the part of the
heavily indebted poor countries to improvements in domestic policies and economic
management, to support capacity-building for the management of financial assets
and liabilities, to ensure full participation and delivery of relief by all affected
creditors, to ensure adequate and sufficiently concessional financing by international
financing institutions and the donor community, and to further explore options to
address the difficult issues of HIPC-to-HIPC debt relief and creditor litigation;
(c) To continue to bring together international debtors and creditors in
relevant international forums to restructure unsustainable debt in a timely and
efficient manner, taking into account the need to involve the private sector in the
resolution of crises;
(d) To acknowledge the problems of the debt sustainability of some lowincome countries that are not heavily indebted, in particular those facing exceptional
circumstances, and in this regard to note the tailored treatment for non-HIPC
developing debtor countries adopted by the Paris Club to ensure that debt
restructuring provides non-HIPC debtor countries with a debt treatment that reflects
their financial needs and the objective of ensuring long-lasting debt sustainability;
(e) To reduce the unsustainable debt burden of developing countries through
such actions as debt relief and, as appropriate, debt cancellation and other
innovative mechanisms geared to comprehensively addressing the debt problems of
developing countries, in particular the poorest and most heavily indebted ones;
(f) To encourage exploring innovative mechanisms to comprehensively
address the debt problems of developing countries, including middle-income
countries, and countries with economies in transition; such mechanisms may include
debt-for-sustainable-development swaps, or multi-creditor debt swap arrangements,
as appropriate;
(g) To establish effective debt-tracking mechanisms in developing countries
and strengthen technical assistance for external debt management and debt tracking,
including through enhanced cooperation and coordination between organizations
providing assistance in this regard;
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