External debt crisis and development : resolution / adopted by the General Assembly

Emphasizes that creditors and debtors must share responsibility for preventing and resolving unsustainable debt situations in a timely and efficient manner; stresses that debt relief can play a key role in liberating resources that should be directed towards activities consistent with poverty eradication, sustained economic growth and sustainable development; stresses the need for the World Bank and the International Monetary Fund to keep the overall implications of the framework for low-income countries under review; reaffirms the need to pursue, where appropriate, debt relief measures vigorously and expeditiously, by all creditors, including within the Paris and London Clubs and other relevant forums; reiterates the call upon developed countries, as expressed in the Millennium Declaration, to complete the enhanced programme of debt relief for the Heavily Indebted Poor Countries Initiative and to ensure that it is fully financed; stresses the importance of continued flexibility with regard to the eligibility criteria for the enhanced Heavily Indebted Poor Countries Initiative; 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; calls upon all Member States as well as the UN system, and invites the Bretton Woods institutions as well as the private sector to take appropriate measures and actions for the implementation of the commitments, agreements and decisions of the major UN conferences and summits; requests the Secretary-General to submit to the General Assembly at its 60th session a report on the implementation of the present resolution.

Adopted without vote, 75th plenary meeting

4 p.

Issued in GAOR, 59th sess., Suppl. no. 49.