On the subject of debt, the United Nations is requested to support the efforts currently being made by the Commission of the African Union for a thorough review of debt, leading to debt cancellation for the heavily indebted poor countries and to debt reduction or cancellation for middle income indebted countries.

Creditors of a corporation cannot recover debts from a shareholder.

There have been reductions in the ratios of debt to gross national income and debt service to export earnings since 2000, due to strenuous efforts at repayment by developing countries and some debt relief.

The Committee noted that a number of higher and middle income countries benefited from the debt burden adjustment.

Debt and low per capita income adjustment

40. In considering this element of the scale, the Committee had before it information obtained from the World Bank on debt stock, principal repayments, the ratio of debt to national income and the ratio of debt service to export earnings for a number of Member States.

Some members considered that the threshold should also be based on debt adjusted income figures.

Proceeds from the sale of United Nations bonds

Some held the view that the burden of debt was adequately reflected in the data for GNI, which included interest paid on external debt.

C. Balance of payments constraint and the debt burden

If more is received, the anticipated level of debt to Member States could be cut further but if less is received, then debt to Member States might be higher.

The new non concessional debt more than offset the debt relief received, although export earnings have increased since 2001.

An exception to the requirement for recognition is given for collection of claims which are property of the debtor, such as accounts receivable.

Recent debt strategies in the cases of middle income countries

Promote a comprehensive and durable solution to the external debt problems of African countries, including through the cancellation of 100 per cent of multilateral debt consistent with the Heavily Indebted Poor Countries Initiative and significant reduction or cancellation of the debt of heavily indebted low and middle income developing countries that are not part of the Initiative

Accordingly, the Panel recommends a 100 per cent debt cancellation for all low income countries, including those not eligible for debt relief under the HIPC initiative, and significant relief for middle income countries.

With due deference to the 2003 Evian approach , there has, however, been no real initiative to address the debt of low income and middle income developing countries that are not part of the Heavily Indebted Poor Countries (HIPC) Debt Initiative process.

We urge debt relief to be broadened to cover both multilateral and bilateral debt for all low income African countries and urge substantial debt relief for middle income countries as well.

Voluntary contributions receivable and unrecorded liabilities

Debt, low per capita income adjustment with positive gradient and LDC adjustment

As regards the application of the adjustment, the Committee noted that since 1999 it had been based on the debt stock approach.

The question of debt sustainability analysis is also key to the resolution of the debt crisis of other low and middle income countries.

9. Liabilities included contributions received in advance from UNDP of 572,860, other liabilities of 358,242 (deferred income), unliquidated obligations of 594,491, and inter fund balances payable of 40,395.

The middle income countries should receive substantial debt relief.

B. Debt workouts for middle income countries Tables

At delivery, the obligation is liquidated and the receivable is correspondingly cancelled.

There are also middle income, high debt developing countries that need a reprieve from the debt burden they face.

4. If the debtor receives notification of more than one assignment of the same receivable made by the same assignor, the debtor is discharged by paying in accordance with the first notification received.

(ee) Proceeds means whatever is received in respect of encumbered assets, including what is received as a result of sale, lease or other disposition or collection, civil and natural fruits, dividends, distributions, insurance proceeds and claims arising from damage or loss, and tort or warranty claims.

Many low and middle income countries had experienced greater difficulties in honouring their debt commitments.

Almost all the revenues collected in 1997 were consumed by debt service payments.

Once a vulnerable country's debts are cancelled, if an attempt is made to run it without balancing the balance sheet, debt could easily reconsume it.

No entity or individual shall use messaging services, computer networks or other similar means to provide content or information of the type described above which is harmful to young persons' physical or mental health.

The better than expected cash position resulted from additional voluntary contributions received, interest income earned, savings on prior period obligations as well as delays in the liquidation of current period obligations.

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

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.

In 1995 multilateral debt had represented 38.3 per cent of export earnings.

The Committee urged that Member States concerned should provide the fullest possible information, including on economic aggregates, government revenues, foreign exchange resources, indebtedness and any difficulties in meeting domestic or international financial obligations.

There was also a need to consider the situation of debt distressed non HIPC low income countries as well.

11. Also stresses the need to find a solution for the debt problems of heavily indebted low and middle income developing countries that are not eligible for debt relief under the Heavily Indebted Poor Countries Initiative, and in this regard continues to encourage the exploration of mechanisms to comprehensively address the debt problems of those countries, which may include debt for sustainable development swaps or multicreditor debt swap arrangements, as appropriate

NEW HAVEN The prices of long term government bonds have been running very high in recent years (that is, their yields have been very low). In the United States, the 30 year Treasury bond yield reached a record low (since the Federal Reserve series began in 1972) of 2.25 on January 30.

Ample debt service coverage for a United Nations bond could be created by permitting the trustee to set aside a higher than required percentage of assessment payments tendered by Member States to permit the accelerated collection by the bond trustee of the total annual debt service requirement.

17. Recognizes the difficulties of highly indebted middle income developing countries and other highly indebted middle income countries in meeting their external debt and debt servicing obligations, and notes the serious situation in some of them in the context, inter alia, of significant liquidity constraints, which may require debt treatment, including, as appropriate, debt reduction measures

I therefore call on all the members of the donor community to pay particular attention to the case of middle income indebted countries, such as Gabon.

(d) If the account debtor receives notification of more than one assignment of the same receivable made by the same assignor, it is discharged by paying in accordance with the first notification received