The goal was to improve the technical evaluation of prospective vendors so that the missions could rely on expertise within the United Nations system and to apply a consistent approach in technical evaluation.

In general, the Gulf Cooperation Council countries maintain low or modest external debt stocks and debt to GDP ratios and have accumulated substantial foreign assets.

A number of speakers stressed the need to ensure that debt cancellation led to additional resources for debtor countries and had a clear and measurable impact on poverty reduction.

Latin American debt indicators generally indicated a sustainable debt position for the region as a whole, with a debt service ratio of 12 per cent, debt stock to exports and to GNP ratios of 103 per cent and 43 per cent respectively, and a short term debt to reserves ratio of 71 per cent.

This amount consists of savings on the cancellation of obligations from the prior biennium of 3,287,665 less 9,891 exchange loss on liquidation of prior biennium IDDA obligations.

Foreign transfers for debt payment were, however, already taken into account in calculating gross national product and net national income, so that if the gross national product were taken as the measure of income for calculating the scale, debt burden adjustment was already taken into account to some extent.

In Saudi Arabia, the most highly indebted country of the Gulf Cooperation Council, total government debt increased to some 75 per cent of GDP in 2003 however, only some 23 per cent of total debt is owed to external creditors.

Debt rate ( GNP)

Liability A liability is a present obligation of the organization arising from past events, the settlement of which is expected to result in an outflow of resources from the organization.

Today, seven out of ten post secondary students graduate with debt, with the total volume exceeding debt from credit cards and auto loans combined. Moreover, student loans constitute 45 of federally owned financial assets.

For the HIPCs, the debt structure is overwhelmingly public and publicly guaranteed, which accounted for 80 per cent of total external debt at end 1996.

The external debt of SSA amounts to roughly 10 per cent of the total debt owed by developing countries to official creditors.

The 40 billion a year of higher economic activity would, however, generate roughly 10 billion a year in additional tax revenue. Using some of it to pay the real interest on the debt and saving the rest would mean that when the bill comes due, the tax financed reserves generated by the healthier economy would be more than enough to pay off the additional national debt.

As a group, those countries debt burden remains severe, with a debt stock to export ratio of well over 300 per cent (far above the 200 per cent threshold used to indicate a debt overhang) and a debt stock to GNP ratio of 127 per cent in 1996 after several years of improvement.

The debt indicators show what would be expected to be a sustainable debt position.1 The debt service ratio measured 13 per cent, the debt stock to exports ratio 114 per cent, the debt stock to GNP ratio 31 per cent, and short term debt to foreign exchange reserves ratio 53 per cent as noted, however, those figures obscure diverse trends at the country level.

In the first quarter of 1998, net public debt increased by 4 per cent to reach US 15 billion, of which 17 per cent was foreign debt (US 2.5 billion or about 16 per cent of GDP).

25. The financial report and accounts reflect UNICEF income, expenditure, assets and liabilities, including the net operating income, assets and liabilities of the greeting card and related operations.

Moreover, China now holds a massive volume of overseas assets and liabilities its non financial corporations have borrowed as much as 1 trillion abroad. As devaluation causes businesses debt burdens to grow in renminbi terms, the risk of non performing loans and bankruptcies rises.

It was observed that the debtor s assets were often not physically turned over to the foreign representative instead, the debtor was divested of its assets, and it was the administration of the assets that was entrusted to the foreign representative.

Debt relief should provide additional resources ODA budgets should not be used to finance bilateral debt relief.

The bulk of that amount comprised long term debt (80 per cent), while short term debt accounted for 18 per cent of the total.

4. Debt indicators improved for developing countries overall during the year, with marginal declines in the ratios of debt service to exports and debt stock to gross national product (GNP) and a larger fall in the ratio of the stock of debt outstanding to total exports (see table 1), largely reflecting the rapid growth of developing country exports, which rose by six per cent during the year.

Those included in particular a stay of individual creditor actions and of transfers by the debtor of interests in assets, and the possibility for the foreign representative to seek from the court additional relief appropriate in the circumstances.

The new Project Unit mentioned above will, inter alia, review obligation levels and ensure that obligations are cancelled as soon as they are no longer required.

26. During the period 1985 90, the country apos s external debt grew geometrically at 2.5 a year. In 1990 aggregate debt stood at US 4,312.9 million this growth was primarily due to arrears in international payment commitments. Service payments on this debt fell by 47.9 compared with their 1987 level.

(iv) permitting the foreign representative to preserve and manage the assets of the debtor

However, because of improved economic performance in the debtor countries, the overall ratio of debt to exports and the ratio of external debt to gross domestic product had declined to their lowest levels since the onset of the debt crisis.

At that point, a stock of debt operation in the Paris Club would also take effect, i.e., reduction of the stock of debt.

In these cases, debt restructurings produced a haircut on exchanged bonds.

49. Mr. Tcholakov (Bulgaria) said that the element of debt burden adjustment should be retained in any future scale of assessments as an additional incentive for debt repayment discipline.

An integrated asset liability structure is needed that also encompasses domestic debt and off balance sheet items.

(e) Protection of the insolvency estate against the actions of creditors, the debtor itself and the insolvency representative, and where the protective measures apply to secured creditors, the manner in which the economic value of the security interest will be protected during the insolvency proceedings

In addition to estimating financing gaps and identifying the sources of financing (including different scenarios of debt rescheduling), DSA includes an analysis of debt dynamics to determine the stability of debt to GDP or debt to government revenue ratios.

However, most of the productive investments during the recovery period have been financed from foreign borrowing.

36. Africa s external debt burden is the highest among developing countries in terms of the ratio of external debt to GDP and its debt service ratio.

12. Africa continued to experience a high debt burden despite a fall in total external debt of 2 per cent to 324 billion in 1996 and an improvement in its debt indicators.

The current debt relief measures have been far from effective.

Approximately 1.045 billion (82 per cent) of the balance of unliquidated obligations relates to current year obligations, while the balance of 234 million represents prior year obligations.

The Guide to Enactment should also suggest that the enacting State might wish to provide that such exclusion would not apply in cases where the total debts exceeded a certain monetary ceiling.

The additional allocations enabled the Agency to recruit additional gynaecologists obstetricians, medical officers and trained midwives and to ensure full integration of family planning services in the Agency apos s maternal and child health care programme.

Figure II.2 Total unliquidated obligations

The unutilized balance was realized from lower actual requirements during official travel outside the mission area.

Thus, a debt equity swap of less than 7.5 of the creditors investment would be enough to compensate for the banks losses. And, even if the banks private depositors, whose claims are 39 of the aggregate balance sheet, were excluded, the debt equity swap necessary to compensate for a loss of up to 100 of the equity would be less than 12 of the creditors investment volume.

The financial report and accounts reflect UNICEF income, expenditure, assets and liabilities, including the net operating income, assets and liabilities of PSD.

Disclosure by public officials of assets and liabilities