International Debt Crisis and Development Enhanced International Cooperation Towards a Durable Solution to the External Debt Problems of Developing Countries

A/RES/47/198No PDF available

Who created this mandate?

A Resolution of the General Assembly, under agenda item 82External debt crisis and development, published in 1993.

What other versions does this mandate have?

3 versions · 1991–1993

1993A/RES/47/198International debt crisis and development enhanced international cooperation towards a durable solution to the external debt problems of developing countries :LatestCompare with previous version
1992A/RES/46/148International debt crisis and development enhanced international cooperation towards a durable solution to the external debt problems of developing countries :Compare with previous version
1991A/RES/45/214International debt crisis and development enhanced international co-operation towards a durable solution to the external debt problems of developing countries :

Versions are identified automatically by matching titles within the same organ (~97% accuracy on a manual audit).

What subjects does this mandate have?

9 topics

Debt Conversions Debt Relief Debt Restructuring Debt Servicing Development Assistance Economic Reform External Debt Foreign Loans Multilateral Trade Negotiations

What does this mandate say?

15 operative paragraphs

Takes note of the report of the Secretary-General concerning the external debt crisis and development;!/ 2.

Welcomes the conclusion of several agreements on commercial bank debt and debt-service reduction under the evolving international debt strategy and takes note of relevant declarations recognizing the debt problems of some highly indebted lower-middle-income countries, taking into account their special and specific situations; Q/ Also welcomes the write-off by certain donors of a significant 3. part of the bilateral official debt of the least developed countries, and urges those countries that have not done so to cancel or provide equivalent relief for the official development assistance debt of the least developed countries;

Expresses its appreciation for the initiatives taken by developed countries, including recent initiatives to address the debt problems of some middle-income African countries, encourages the implementation thereof and invites all creditor countries to consider taking relevant measures for middle-income debtor developing countries;

Stresses the need for the broadest and most expeditious implementation of the recent initiatives and the need to continue to build upon them, in order, inter alia, to prevent the proliferation of debt problems;

Also stresses the need for the implementation of additional debt-relief measures, including further cancellation or reduction of debt and debt service related to official debt, and for more urgent action with regard to the remaining commercial debt owed by developing countries;

. Recognizes the urgent need to continue to provide a social safety net to vulnerable groups most adversely affected by the implementation of economic reform programmes in the debtor r.ountries, in particular low-income groups, in order to ensure social and political stability;

Emphasizes the importance for developing countries to continue their efforts to promote a favourable environment for attracting foreign investment, thereby promoting economic growth and sustainable development;

Recognizes the need of debtor developing countries for a supportive international economic environment as regards, inter alia, terms of trade, commodity prices, improved market Recess and trade practices, and, in this connection, stresses the urgent need for a balanced and successful outcome of the Uruguay Round of multilateral trade negotiations, which would result in the liberalization and expansion of world trade to the benefit of all countries, in particular the developing countries;

§/ See A/47/375-S/24429.

I • • •

Reiterates the need for the implementation of initiatives involving developing debtor countries, developed creditor countries, commercial banks and multilateral financial institutions, with a view to easing the debt and debt-service burdens of severely indebted developing countries, which would contribute to recovery, growth and development in developing countries;

Stresses the need, in addition to debt-relief measures that include debt and debt-service reduction, for new financial flows to debtor developing countries, and urges the creditor countries and the multilateral financial institutions to continue to extend concessional financial assistance, as appropriate, in order to support the implementation by the developing countries of their economic reform, stabilization and structural adjustment programmes so as to enable them to extricate themselves from the debt overhang and to assist them in achieving economic growth and development;

Urges the international community to consider wider application of innovative measures, such as debt-for-equity swaps, debt-for-nature swaps and debt-for-development swaps;

Stresses the need for sustained action in addressing the debt problems of low-income countries and, in this regard, calls for early, expeditious and wide implementation of the enhanced terms currently offered to low-income countries by the Paris Club, as well as, where necessary, the extension thereof;

Calls upon private creditors to renew and expand initiatives and efforts in order to tackle the commercial debt problems of low- and middle-income developing countries;

Urges creditor countries, private banks and, within their prerogatives, multilateral financial institutions to consider the extension of appropriate new financial support to developing countries, in particular the low-income countries with substantial debt burdens that continue, at great cost, to service the debt and meet their international obligations;

Requests the Secretary-General to report to the General Assembly at its forty-eighth session on the implementation of the present resolution.

93~ plenary meeting

22 December 1992

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