(1)A serious financial difficulty occurs to the issuer or debtor

Options for lower debt burdens on Governments of heavily indebted developing countries include debt cancellation and debt swaps for sustainable development.

(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

Commercial bank debt is renegotiated within the London Club, while the International Development Association (IDA) Debt Reduction Facility provides funding for the buy back of commercial bank debt of low income countries.

28. The implementation of the HIPC initiative is based on the debt sustainability analysis of debtor countries.

Most least developed countries have benefited from these plans, whether in the form of ODA debt cancellation, rescheduling of official debts in the Paris Club, commercial debt buy backs or multilateral debt arrangement.

He understood the frustration over the delay in implementing the Heavily Indebted Poor Countries Debt Initiative launched in response to that problem.

33 UNCTAD is implementing a project on development strategy and debt sustainability, which also integrates aspects of debt management.

In particular, the issuance and subsequent repayment of external debt can account for large swings in such liabilities.

Debt, finance and development Paris Club

Current period obligations related to peacekeeping operations remain valid for 12 months following the end of the financial period to which they relate.

Participation by debtor firms is voluntary, and requires negotiation between the debtor firm and its creditors.

If the credit risks of the debtor and the corresponding risk agios have undergone any change after the issuance of the liability instrument, the current prices or interest rates of similar liability instruments shall be referred to and the adjustment to the differences between different financial instruments shall be taken into consideration in the determination of the fair value of the liability instrument.

The most important recent development in debt relief for LDCs is the heavily indebted poor countries (HIPC) debt initiative.

Official development assistance (ODA) and debt

An international debt framework commission would aim for a coherent and comprehensive debt restructuring when requested to do so by the debtor country.

Provide debt relief to all developing countries, including debt cancellation to HIPC, as well as extending the HIPC initiative, and resolving the debt problems of LDCs, low and middle income developing countries that are not eligible to debt relief under the HIPC and to explicitly link debt relief to the national development plans and efforts aimed at achieving the internationally agreed development goals including the MDGs, as well as other development goals.

Under the Evian approach, the Debt Sustainability Analysis (DSA) undertaken by IMF for each debtor country plays a critical role in shaping the outcome of debt restructuring.

(e) Debtor means a person that owes performance of the secured obligation and includes secondary obligors, such as guarantors of a secured obligation .

(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

Technical assistance may be needed in managing the complexities of successful bond issuance.

12 Thanks the IDB for its initiative to alleviate the Member States' debt.

The African Development Bank is financing DMFAS.

62 186. External debt and development towards a durable solution to the debt problems of developing countries

Sovereign debt restructurings with private creditors

The evolving debt strategy has contributed to the improvement in the debt situation of a number of developing countries.

Debt for equity swaps Other debt for development swaps

213. Multilateral debt accounts for a high proportion of the external debt of a number of heavily indebted developing countries.

Bond offering

What the market is saying is not that the economy has too much debt, but that it has too much private debt, which is why prices of corporate bonds are low and firms find financing expensive. The market is also saying clearly and repeatedly that the economy has too little public US government debt, which is why everyone wants to hold it.

Unliquidated obligations IFAD projects

Emphasizing the importance of finding a durable solution for those developing countries that have difficulties in meeting their external debt and debt servicing obligations,

The debt burden adjustment must continue to be applied as a mark of the international community's solidarity with countries burdened by debt, particularly LDCs.

Some participants believed that the concept of sustainable debt should be the debt level at which a country could implement strategic programmes for development.

Sierra Leone would issue iron ore bonds and Mongolia would issue copper bonds. Investors would be able to buy Guatemala s coffee bonds, Côte d Ivoire s cocoa bonds, Liberia s rubber bonds, Mali s cotton bonds, and Ghana s gold bonds.

Jamaica, for example, would issue aluminum bonds Nigeria would issue oil bonds Sierra Leone would issue iron ore bonds and Mongolia would issue copper bonds. Investors would be able to buy Guatemala s coffee bonds, Côte d Ivoire s cocoa bonds, Liberia s rubber bonds, Mali s cotton bonds, and Ghana s gold bonds.

7. Emphasizes the great 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, and also emphasizes that creditors and debtors must share responsibilities for preventing unsustainable debt situations

Emphasizes the great 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, and also emphasizes that creditors and debtors must share responsibilities for preventing unsustainable debt situations

Emphasizes the high 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, and emphasizes that creditors and debtors must share responsibilities for preventing unsustainable debt situations

The realignment of the Heavily Indebted Poor Countries (HIPC) Debt Initiative after 1999 has considerably reduced the indebtedness of some 27 States.

Where the credit risks of the debtor and the applicable credit risk agios remain unchanged after the issuance of the liability instrument, the benchmark interest rate may be adopted to estimate the interest rate of the current market so as to determine the fair value of the liability instrument.

14. Calls upon bilateral and multilateral donors to contribute to the Highly Indebted Poor Countries Trust Fund in order to help the African Development Bank meet its share of Initiative related costs

209. In this context, the Heavily Indebted Poor Countries Debt Initiative endorsed by the Interim Committee of the International Monetary Fund and the Development Committee of the World Bank and the International Monetary Fund, which is designed to enable eligible heavily indebted poor countries to achieve a sustainable debt situation through coordinated action by all creditors on the basis of adjustment efforts by the debtor countries, is welcomed.

His delegation therefore supported the application of the debt burden adjustment based on the debt stock approach.

(d) That increased contributions be made by bilateral donors to the HIPC Trust Fund to allow the debt of other multilateral institutions, especially the African Development Bank, to be dealt with adequately