Because of the conditionalities that it imposed and its limited scope, the Heavily Indebted Poor Countries Debt Initiative had failed to resolve the debt problem.

On the debt burden, we applaud debt relief for the highly indebted poor countries.

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

However, because of improved economic performance in the debtor countries, the overall ratio of debt to exports and the ratio of external debt to gross domestic product had declined to their lowest levels since the onset of the debt crisis.

Moreover, the Initiative did not address the debt burden of many heavily indebted countries, either because they were not among the poorest countries or because their debt burden was considered sustainable .

Reducing the burden of foreign debt is of special importance for us, since the funds released can be invested in development.

36. In some situations, an estimate of an environmental liability may be difficult to determine because of the uncertainty about a number of factors.

As for the debt itself, its weight must not be greater than two and a half times the value of exports.

The Panel was informed that the initiative had been designed to resolve the debt problems of heavily indebted poor countries by reducing the external debt burden to sustainable levels, so as to ensure that adjustment and reforms in those countries were not exposed to risks arising from indebtedness.

Liability

Liquid Liabilities

Liabilities

As a consequence, a total of 193.2 million in unrecorded obligations remain payable to Member States for the period prior to 16 June 1993 but are not shown as liabilities for that period.

The recent Heavily Indebted Poor Countries Debt Initiative is a promising step.

For the same reason, the existing debt burden adjustment formula should be kept.

Finally, it is important to recognize the contribution that efficient and equitable burden sharing between debtors and creditors can make to alleviating unsustainable debt burdens.

Total Liabilities

Liabilities 4,030.

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.

These flows, in turn, will depend inter alia on the effectiveness of measures taken by the international community to alleviate the external debt burden of heavily indebted African countries, which in SSA consists mainly of public and publicly guaranteed long term debt.

Debt continues to burden many countries of the South, despite the fact that, thanks to a sudden surge of generosity and, above all, responsibility on the part of the wealthy countries, some saw their situation revisited and improved by the cancellation of their debt.

This initiative provides a framework for implementing a strategy of burden sharing among all creditors to reduce HIPC debt to a sustainable level.

Liability Accounts

Liability accounts

Environmental Liabilities

Total expenditure

The accrued

In recognition of the fact that many of the poorest developing countries continue to face unsustainable debt burdens, the Heavily Indebted Poor Countries Debt Initiative was launched in September 1996.

(f) Venezuela The incidence that the payment of the foreign debt has had on the poverty growth in developing countries, in terms of the social cost and the investments that are sacrificed in the national budgets as a consequence of the indebtedness

Due to the efforts undertaken by the Government to reduce the burden of servicing foreign debt, some progress has been achieved in the restructuring of bilateral debts in recent years.

A. The HIPC initiative

Heavily Indebted Poor Countries (HIPC) Debt Initiative

(d) Debt burden

(w) Contingent liabilities

b Total liabilities.

Assets Liabilities

Assets and Liabilities

Assets and Liabilities Summary

Liquid Assets and Liabilities

Transfers to Liquid Liabilities

Expected Liquid Liabilities

32. In most cases, an enterprise will remain primarily liable for the whole of the environmental liability in question such that, if the third party fails to pay for any reason, the entity would have to meet the full cost.

I would like to point out that indebtedness is a form of bondage and indebted economies are economies that function under constraints.

Asset and liability management is the process of controlling the relationship of assets to liabilities that is, managing the spread between them.

Debt relief is, however, dependent on all creditors spreading the burden fairly among themselves.