(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.

A public debt crisis in Japan (as the combination of recession, deflation, and high deficits drove up the debt GDP ratio).

Children in the developing world were born with a burden of debt which must be reduced if they were to reach their full potential.

(3)The creditor makes any concession to the debtor which is in financial difficulties due to economic or legal factors, etc.

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

26. The debt crisis of the 1980s had left many casualties in its wake.

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.

All increases in obligations, including those resulting from currency fluctuations, shall be subject to the same procedures as apply to the incurring of original obligations.

The debt to GNP and debt to export ratios remain high, about three and a half times those for the developing countries as a whole.

Debt, finance and development Paris Club

1 It is generally recognized that a ratio of debt to exports exceeding 200 per cent and a ratio of debt service to exports exceeding 20 per cent would signal serious debt problems.

The steps taken by Paris Club creditors to reduce the debt burden of the least developed countries through the HIPC initiative had not yet yielded any visible signs of relief.

Debt rate ( GNP)

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

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.

(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

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.

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

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.

(b) Recognition that debtor States can invoke the rebus sic stantibus principle (fundamental change of circumstances rule) (the obligation is extinguished and the debtor is released from it when its fulfilment is impossible, very onerous or essentially different from when the debt was contracted)

The law governing the original contract determines the effectiveness of contractual limitations on assignment as between the assignee and the debtor, the relationship between the assignee and the debtor, the conditions under which the assignment can be invoked against the debtor and whether the debtor's obligations have been discharged.

Unliquidated obligations IFAD projects

The bulk of them are in Africa and, in 1996, they accounted for some 12 per cent of total developing country debt, but for only about 3 per cent and 5 per cent of total developing countries GNP and exports, respectively.

It is sufficient if notification of the assignment or a payment instruction is in the language of the original contract

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

Even where the commencement decision is made quickly, there is the potential in that period for the debtor's business situation to change and for dissipation of the debtor's assets the debtor may be tempted to transfer assets out of the business and creditors, on learning of the application, may take remedial action against the debtor to pre empt the effect of any stay that may be imposed upon commencement of the proceedings.

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.

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 contribute to economic growth and development

Millions of people in the developing world, especially in Africa, were being adversely affected by deteriorating health and education services, environmental degradation and falling living standards as a result of their countries apos indebtedness.

Sovereign debt for sustained development

The advantage of such bonds is that in the event of a decline in the world price of the underlying commodity, the debt to export ratio need not rise. The cost of debt service adjusts automatically, without the severe disruption that results from loss of confidence, crisis, debt restructuring, and so forth.

35. Mr. Tchoulkov (Russian Federation) said that his delegation shared the view that the Heavily Indebted Poor Countries Debt Initiative played an important role in the international debt relief strategy, but believed that debt relief efforts should not be limited to that initiative.

Urgent consideration needed to be given to providing significant debt relief or restructuring for low and middle income developing countries that were not covered by the Heavily Indebted Poor Countries (HIPC) Initiative and whose debt burden was unsustainable.

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

(2)The debtor breaches any of the contractual stipulations, for example, fails to pay or delays the payment of interests or the principal, etc.

Developing countries also had to be given debt relief, including grant based financing and 100 per cent debt cancellation.

Concerted efforts must be made to solve the debt problem, which was an impediment to the realization of sustainable development.

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

Oral Intervention on Debt was made at this session.