External Debt Crisis and Development Towards a Durable Solution of the Debt Problems

A/RES/43/198View PDF

Who adopted this document and its mandates?

A Resolution of the General Assembly, under agenda item 83 External debt crisis and development, published in 1989.

What subjects does this mandate have?

6 subjects

Debt Relief Developing Countries Export Diversification External Debt International Financial Institutions Structural Adjustment

What’s in this document?

12 operative paragraphs

Expresses its appreciation to the Secretary-General for his involvement in the debt issue and for his report entitled "Towards a durable solution ofthe debt problem";60 2.

Stresses that the debt crisis in an increasingly interdependent world economy has a wide impact, often with política! implications, having a bearing not only on relations between creditors and debtors hut also on prospects for the world community as a whole, thereby requiring a hroad approach with política! ímpetus and continued close co-operation;

Expresses deep concern that the overall indebtedness of debtor developing countries has persisted and often increased, that their growth and development are severely limited, and that their economic and social prospects continue to be a cause of serious concern;

Stresses that a supportive international economic environment, together with a growth-oriented development approach, is needed for supporting the efforts of debtor developing countries in dealing with their externa! indebtedness and alleviating the political and social costs of structural adjustment programmes and adjustment fatigue, thus contributing to the restoration of their economic growth, development and credit-worthiness;

Urges the international community to continue to search, through dialogue and shared responsibility, for a durable, equitable and mutually agreed growth-oriented and development-oriented solution to the externa[ indebtedness of developing countries;

Invites the multilateral financia! institutions to continue to review conditionality criteria, taking into account, ínter alia, social objectives, growth and development priorities of developing countries and changing conditions of the world economy, and stresses further the need for increased co-operation between the International Monetary Fund, the World Bank and other multilateral financial institutions, which should not lead to cross-conditionality;

Reaffirms that a major objective of any debt strategy should be that debtor developing countries achieve an adequate leve! of growth sufficient to enable them to satisfy their social, economic and development needs, which will in turn enhance their ability to service debt, and urges ali

concerned parties to develop new ways and means to sustain effectively policies aimed at attaining such a leve! of growth;

Recognizes that efforts to resolve the debt problem should include policies in creditor countries and debtor countries that are supportive of export growth and diversification in the latter;

Recognizes that there is need to broaden further the range of approaches that, in ter alia, reduce the stock and service of debt, including expansion of the scope and implementation of currently utilized financia! techniques;

JO.

Recognizes that the externa! indebtedness of sorne other countries with !>erious debt-servicing problems gives rise to considerable concern, and invites ali those in volved to take into account, as appropriate, the above provisions in addressing those problems;

Requests the Secretary-General to continue his efforts, through a process of high-level consultations, as appropriate, with heads of State or Government and other parties concerned, to contribute to a common understanding on a solution to the external indebtedness of developing countries in the context of their growth and development:

Also requests the Secretary-General to take any other appropriate measures for the implementation of the present resolution and to report thereon to the General Assembly at its for1y-fourth session.

83rd plenary mt'cting 20 Decem ba l 988

sx Re,olution 40/20'.\. anné~

59 Official Records of the General Assemhly. Thirty-third Session, Supp/ement No. 15 (A/33/15), vol. 1, part two. annex l.

r,o A/43/647.

Who adopted this document and its mandates?

What subjects does this mandate have?

What’s in this document?

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