In that connection, the considerable progress that has occurred in recent weeks in addressing the debt and debt servicing problems of the heavily indebted poor countries is encouraging.

The American Way of Debt

The Agency does not provide post retirement benefits and has no liabilities in this connection.

The more diversified economies, in contrast, face larger public debt burdens and much greater challenges in maintaining sustainable levels of indebtedness.

Article 27Where an enterprise (debtor) enters into an agreement with a creditor so as to substitute the existing financial liabilities by way of any new financial liability, and if the contractual stipulations regarding the new financial liability is substantially different from that regarding the existing financial liability, it shall terminate the recognition of the existing financial liability, and shall at the same time recognize the new financial liability.

12. Recognizes the need for attaching higher priority to social aspects in the Heavily Indebted Poor Countries Debt Initiative

The Paris Club and the Heavily Indebted Poor Countries Debt Initiative had not been sufficiently comprehensive.

On the question of debt, he welcomed the extension of the HIPC Initiative and urged all donors to shoulder their fair share of the financial requirements, including 100 per cent bilateral debt cancellation.

A Balance Sheet Approach to Fiscal Policy

Noting with concern that some highly indebted, middle income developing countries are facing serious difficulties in meeting their external debt servicing obligations,

In that connection, LDCs expected the heavily indebted poor countries (HIPCs) initiative to be implemented in a meaningful way.

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

Liability

Liquid Liabilities

Liabilities

Stressing the importance of addressing the challenges of those heavily indebted poor countries that are facing difficulties in reaching the completion point under the Heavily Indebted Poor Countries Initiative, and expressing concern that some heavily indebted poor countries continue to face substantial debt burdens and need to avoid rebuilding unsustainable debt burdens after reaching the completion point under the Initiative,

3. The liabilities were calculated on a plan termination methodology.

The organization's total liability for such unpaid accrued leave compensation is estimated to be 27.8 million.

Total Liabilities

Liabilities 4,030.

Aspects of external debt

Reaffirming the urgent need for further implementation in an effective, equitable and development oriented way of existing mechanisms for the treatment of the external debt and debt servicing problems of developing countries in order to help them exit from the rescheduling process and unsustainable debt burdens, and, in this context, stressing the need to agree upon equitable burden sharing among the international public creditor community,

As a result, it has never been included in programmes such as HIPC for highly indebted countries.

The organization's total liability for such unpaid accrued leave compensation is estimated to be 27.8 million.

In that regard, the Heavily Indebted Poor Countries Debt Initiative was welcome, and the urgency of the situation required its immediate and unconditional implementation.

30. In accordance with United Nations common practice, UNHCR has not specifically recognized in any of its financial accounts liabilities for after service health insurance costs or the liabilities for other types of end of service payments, which will be owed when staff members leave the Organization.

In that regard, the failure of the various debt relief measures to alleviate such debt burden called for an effective, equitable, development oriented and durable solution to the external debt and debt servicing problems of those countries.

The Heavily Indebted Poor Countries Debt Initiative was a step in the right direction.

13. Welcomes the progress made in the implementation of the Heavily Indebted Poor Countries Debt Initiative and the extension by the Executive Board of the International Monetary Fund of the original two year period for countries to begin qualifying for assistance until the end of the year 2000, and stresses that the Initiative offers an important opportunity for the heavily indebted poor countries to reach a sustainable external debt position

Article 57The financial liabilities refers to the following liabilities of an enterprise

Liability Accounts

Liability accounts

Environmental Liabilities

Total expenditure

The accrued

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

In that connection, some members expressed the view that the overall level of debt itself constituted a significant burden and that that fact was better reflected in the version of the debt burden adjustment based on a proportion of debt stocks of Member States affected.

Third, while pesification removes balance sheet losses from domestic foreign currency debts, external contractual obligations cannot be redenominated unilaterally. Thus, the exit from the dollar peg requires a restructuring of external debt, both sovereign and corporate.

A. The HIPC initiative

Heavily Indebted Poor Countries (HIPC) Debt Initiative

As a result, UNOPS will have to assess proactively what its current exposure is in regard to end of service and post retirement benefit liabilities.

(d) Debt burden

(w) Contingent liabilities

b Total liabilities.

Assets Liabilities