Special accounts for the sale of United Nations bonds

Nevertheless, external debt and debt servicing problems persisted, particularly in the poorest and heavily indebted countries.

Nevertheless, external debt and debt servicing problems have persisted, particularly for the poorest and most heavily indebted countries.

Turkey believes that heavily indebted countries deserve special attention.

Note 21. Special account for the sale of United Nations bonds (statement XXI)

There will be a review of Haiti's debt sustainability and, in particular, its eligibility for HIPC relief.

In that connection, Zimbabwe welcomed recent encouraging trends in international cooperation, especially the Heavily Indebted Poor Countries Debt Relief Initiative.

Statement XXI. Special account for the sale of United Nations bonds balances as at 31 December 1997 . 151

6. The debt burden of least developed countries, particularly those in Africa, remains exceptionally high and is a serious constraint to their development.

Of this amount, SDR 1.7 billion would be devoted to the interim ESAF subsidy operations and SDR 1.1 billion to special ESAF operations under the HIPC initiative.

Special communiqué on the swapping of foreign debt for investment in education

Special communiqué on the swapping of external debt for investment in education

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.

Focus is given to the debt problems of two particular groups of countries the heavily indebted poor countries (HIPCs) and the middle income countries in Latin America and Asia which have been affected by recent financial crises.

9. Reiterates the request of the Commission on Human Rights to the United Nations High Commissioner for Human Rights to pay particular attention to the problem of the debt burden of developing countries, in particular the least developed countries, and especially the social impact of the measures arising from the foreign debt

The Asian and other financial crises brought to the fore some new dimensions to the debt problems of developing countries, particularly for the middle income, highly indebted countries.

Due consideration must also be given to the element of debt burden adjustment, particularly since most of the least developed countries were overwhelmed by their debt burden.

The Commission on Human Rights also called on the United Nations High Commissioner for Human Rights to pay particular attention to the problem of the debt burden of developing countries, in particular of the less developed countries, and especially to the social impact of measures arising from foreign debt.

73. His delegation welcomed the initiatives taken by the World Bank and IMF to address the external debt problem, in particular their Heavily Indebted Poor Countries Debt Initiative.

(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

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

Of particular concern is the increasing share of multilateral obligations in the overall debt stock and debt servicing of least developed countries.

The debt stock and its servicing burden remained exceptionally high for the least developed countries, particularly in Africa.

(e) Encourage debt conversion programmes, particularly for social development.

211. Private creditors and, in particular, commercial banks should be encouraged to continue their initiatives and efforts to address the commercial debt of developing countries.

In order to make the net debt reduction sufficiently large, however, the HIPC initiative requires deep reductions in the debt servicing owed to bilateral official creditors, which some creditor countries have resisted, and it introduces special processes for reducing the servicing of multilateral debt.

The international community particularly developed countries should take substantive steps to help developing countries break the vicious circle of debt.

Noting with concern the growing debt servicing problems of externally indebted developing countries, particularly the LDCs, as constituting an element adversely affecting their development efforts

It would also be useful to establish a special working group of the Committee, similar to its Working Group on Diplomatic Indebtedness.

International Conference on Financing for Development, Monterrey, Mexico, March 18 22, special focus on thematic issue International Debt.

15. Requests the United Nations High Commissioner for Human Rights to continue to pay particular attention to the problem of the debt burden of developing countries

With regard to Mozambique, creditors made an exceptional effort, agreeing to go even beyond the 80 per cent reduction given the very high level of debt overhang of this country.

21. Recognizes the efforts of indebted developing countries in regard to fulfilling their commitments on debt servicing despite the high social cost incurred and, in this regard, encourages private creditors and, in particular, commercial banks to continue their initiatives and efforts to address the commercial debt problems of middle income developing countries, particularly those affected by the financial crisis, and especially those susceptible to the contagion of such crises

25. Recognizes the efforts of indebted developing countries in regard to fulfilling their commitments on debt servicing despite the high social cost incurred, and, in this regard, encourages private creditors and, in particular, commercial banks to continue their initiatives and efforts to address the commercial debt problems of middle income developing countries, in particular those affected by the financial crisis

Stressing the need for a full and swift implementation of those initiatives, which will further assist developing countries, in particular the poorest and heavily indebted countries, especially in Africa, in their efforts to improve their debt situation in view of their continued very high level of total debt stock and servicing burdens,

Expressing its concern that debt relief measures taken so far have not yet fully provided effective, equitable, development oriented and durable solutions to the outstanding debt and debt servicing problems of a large number of developing countries, in particular the poorest and heavily indebted countries,

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

The Committee would be addressing several other issues requiring special attention, including external debt and debt problems of countries which did not belong to the HIPC group, financing for development, globalization and interdependence and international migration.

This was demonstrated in an address by His Highness the Emir of Kuwait before the forty third session of the General Assembly, in 1988, in which he called upon the international community, especially the donor countries, to take action to alleviate the debt burdens encumbering the economies of many developing countries, and to cancel them for countries with distressed economies.

29. Another area that called for genuine partnership was the resolution of debt overhang and the debt service payment problem of the developing countries, especially African developing countries and the least developed countries.

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.

33. The example of Mozambique illustrates the special efforts that may be needed by creditors to provide debt relief that would allow debt sustainability thereafter.

External debt servicing was a serious challenge to developing countries and economies in transition, especially in Africa.

On this auspicious occasion, my delegation expresses sincere appreciation for all initiatives recently taken to address the needs of developing countries, especially the debt cancellation extended by the G 8 countries to highly indebted poor countries.

The least developed countries should receive special treatment in the areas of external debt cancellation, increase in ODA and foreign direct investment.