A/RES/49/94 Page 3 Monetary Affairs, held at Madrid on 1 October 1994, and the communiqué of the forty-ninth Meeting of the Joint Ministerial Committee of the Boards of Governors of the World Bank and the International Monetary Fund, held at Madrid on 3 October 1994, Further taking note of the communiqué of the Summit of the group of seven major industrial countries, held at Naples, Italy, from 8 to 10 July 1994, 2/ 1. Takes note with appreciation of the report of the SecretaryGeneral on the developing country debt situation as of mid-1994; 3/ 2. Recognizes that a durable solution to the debt problems of the poorest and heavily indebted developing countries suggests even more favourable terms of debt relief measures, including a reduction of the stock of debt, and encourages the Paris Club and its members to pursue vigorously efforts to improve the terms applied to the poorest and heavily indebted developing countries, including, where appropriate, a reduction in bilateral official debt sufficient to help them to exit from the rescheduling process and thus contribute to the prospect of those countries to resume growth and development; 3. Emphasizes the importance for developing countries to continue their efforts to promote a favourable environment for attracting foreign investment, thereby promoting economic growth and sustainable development, and stresses the need for the international community to promote a conducive external economic environment through, inter alia, improved market access, stabilization of exchange rates, the effective stewardship of international interest rates and increased resource flows, as well as improved access to technology for the developing countries; 4. Calls upon the international community to implement fully the agreements of the Uruguay Round of multilateral trade negotiations 4/ and to continue its support for an open, free, equitable, non-discriminatory and rule-based international trading system that improves access to markets of all countries in order to ensure sustained economic growth and sustainable development, taking into account special and differential treatment agreed for developing countries, in particular the least developed countries, as well as technical assistance for developing countries, thereby enhancing their opportunities for, inter alia, alleviating their debt problems; 5. Welcomes the write-off by certain creditor countries of a significant part of the bilateral official debt of the least developed countries, and invites them, whenever possible, to cancel official development assistance debt or provide relief with similar effect for the least developed countries, particularly those in Africa; 2/ A/49/228-S/1994/827, annex I. 3/ A/49/338. 4/ Legal Instruments Embodying the Results of the Uruguay Round of Multilateral Trade Negotiations, done at Marrakesh on 15 April 1994 (GATT secretariat publication, Sales No. GATT/1994-7), vols. 1 to 31. /...