Agrees on the following elements and invites ali those involved to take them into account in addressing the problems of externa! indebtedness of developing countries, with a view to reaching equitable, durable and mutually agreed solutions, taking into account the particular circumstances of each country:
a
Externa! indebtedness, viewed in an overall perspective, should be tackled within the framework of a strengthened and improved strategy of co-operation of the intemational community for sustained world economic growth and development, particularly for developing countries;
b
Recognizing the competence of the multilateral financia! institutions, as well as that of the relevant specialized agencies, organs, organizations and bodies of the United Nations system within their respective mandates, the interrelated issues of debt, money, finance, resource flows, trade, commodities and development should be addressed in the context of their close interrelationship;
e
In a spirit of common commitment and mutual cooperation, stronger growth and development in developing countries should be encouraged, involving the participation of ali countries concemed, particularly creditor developed countries and debtor developing countries, multilateral financia! institutions and international private banks, in addressing the debt problems of developing countries;
d
A lasting solution to the debt problem also requires simultaneous and complementary actions in the areas of economic policy that are mutually supportive, and includes:
i
Effective national adjustment processes and structural changes, pursued within national development priorities and objectives, which should be growthoriented; due regard should be paid to the economic,
social and development needs of each country in the application of conditionality;
ii
Supportive policies that encompass, inter afia, the dismantling of protectionism and expansion of intemational trade, increased financia) flows, lending programmes by the international financial institutions and commercial banks in support of growthoriented measures, lower real interest rates, and improvements in commodity markets;
iii
Coherent and co-ordinated policies on the part of industrialized countries, including strengthened multilateral surveillance, that promote a supportive international economic environment conducive to sustained and non-inflationary growth and adjustments addressing the imbalances in the world economy, including the reduction of trade imbalances and the promotion of greater foreign exchange market stability;
e
There is an important relationship between a country's mobilization and utilization of its resources, net inftow of development finance and capital and foreign exchange export earnings, and the possibility for the servicing of its external debt; in this context, due account should be taken of the investment and import requirements and the fundamental economic and social needs of a country's population;
j
Debt-restructuring arrangements and innovative development-oriented financial agreements should continue to be worked out, wherever appropriate, on terms and conditions that take into account the internal and externa} factors atfecting the economy of the country concerned;
g
Special attention should be given to the implementation of specific relief measures in favour of the least developed countries such as, ínter alia, those contained in the Substantial New Programme of Action for the 1980s for the Least Developed Countries64 and Trade and Development Board resolution 165 (S-IX);
h
Recognizes, in addition to the above elements, that in dealing with Africa's extemal indebtedness, the magni- General Auembly-Forty-ftrst Sesslon tude and the servicing of its debt constitute a severe and continuing burden which restricts its economic recovery and long-term development; the international community, particularly the donor developed countries, reaffirms its agreement to adopt concrete measures, and reaffirms the importance of increasing official development assistance to Africa in support of adjustment etforts for development of African countries, in accordance with the provisions of the United Nations Programme of Action for African Economic Recovery and Development 1986-1990;3° 2.
Invites ali those involved to take into account, as appropriate, the above in addressing the problems of external indebtedness of sorne other countries with serious debt-servicing problems;
3
Requeststhe Secretary-General to submit to the General Assembly at its forty-second session an updated version of bis report on the international debt situation and the indicators related to it, under the same agenda ítem, taking into account the present resolution.
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