A/RES/60/187 heavily indebted poor countries continue to face substantial debt burdens and need to avoid rebuilding unsustainable debt burdens after reaching the completion point under the Initiative, Welcoming further the recent proposal of the Group of Eight, as endorsed by the Bretton Woods institutions at their 2005 annual meetings, to cancel 100 per cent of the outstanding debt of eligible heavily indebted poor countries owed to the International Monetary Fund, the International Development Association and the African Development Fund and to provide additional resources to ensure that the financing capacity of the international financial institutions is not reduced, Emphasizing that debt sustainability is essential for underpinning growth, and underlining the importance of debt sustainability to the efforts to achieve national development goals, including the Millennium Development Goals, and that countries should direct those resources freed through debt relief, in particular through debt reduction and cancellation, towards activities consistent with poverty eradication, sustained economic growth and sustainable development and the achievement of the internationally agreed development goals, including the Millennium Development Goals, Convinced that enhanced market access for goods and services of export interest to developing countries contributes significantly to debt sustainability in those countries, 1. Takes note of the report of the Secretary-General; 5 2. Emphasizes the special importance of a timely, effective, comprehensive and durable solution to the debt problems of developing countries, since debt financing and relief can be an important source of capital for economic growth and development; 3. Stresses the importance of promoting responsible borrowing and lending; 4. Emphasizes that creditors and debtors must share responsibility for preventing unsustainable debt situations; 5. Underlines the fact that the long-term sustainability of debt depends, inter alia, on the economic growth, mobilization of domestic resources and export prospects of debtor countries and, hence, on the creation of an enabling environment conducive to development, progress in following sound macroeconomic policies, transparent and effective regulatory frameworks and success in overcoming structural development problems; Reiterates its call upon developed countries, as expressed in the 6. Millennium Declaration,2 to complete the enhanced programme of debt relief for the Heavily Indebted Poor Countries Initiative and to ensure that it is fully financed, and in this regard underscores the importance of full participation by creditors in contributing their share to implementing the enhanced Heavily Indebted Poor Countries Initiative; Recognizes and encourages the efforts of the heavily indebted poor 7. countries, calls upon them to continue to improve their domestic policies and economic management, inter alia, through poverty reduction strategies, and to create a domestic environment conducive to private-sector development, economic growth _______________ 5 2 A/60/139.