Modalities for the Implementation of Resolution 68/304, Entitled "Towards the Establishment of a Multilateral Legal Framework for Sovereign Debt Restructuring Processes"

A/RES/69/247View PDF

Who adopted this document and its mandates?

A Resolution of the General Assembly, under agenda item 17c External debt sustainability and development, published in 2015.

What subjects does this mandate have?

5 subjects

Debt Relief Debt Restructuring Economic Negotiations External Debt Institution Building

What’s in this document?

10 operative paragraphs

Decides to establish an ad hoc committee, open to the participation of all Member States and observers of the United Nations, to elaborate through a process of intergovernmental negotiations, as a matter of priority during its sixty-ninth session, a multilateral legal framework for sovereign debt restructuring processes with a view, inter alia, to increasing the efficiency, stability and predictability of the international financial system and achieving sustained, inclusive and equitable economic growth and sustainable development, in accordance with national circumstances and priorities;

Also decides that the ad hoc committee shall hold at least three meetings of a duration of three working days each late in January and in May and June/July of 2015, and that the ad hoc committee may hold additional consultations and drafting sessions as required;

Further decides that the ad hoc committee shall meet at United Nations Headquarters in New York;

Requests the President of the General Assembly to make the necessary organizational arrangements to ensure that the ad hoc committee completes its work in a timely manner;

Requests the Secretary-General to invite Member States and observers to submit their comments on the necessary elements of the multilateral legal framework for sovereign debt restructuring processes no later than 10 days before the first meeting of the ad hoc committee, and to make such comments available electronically;

Invites relevant bodies and organizations of the United Nations system, as well as other relevant stakeholders, including regional and international financial institutions, in particular the World Bank and the International Monetary Fund, as well as other intergovernmental and non-governmental organizations, the private sector and academia, with an interest in the matter to make contributions to the work entrusted to the ad hoc committee, in accordance with the established practices of the United Nations;

Calls upon the regional commissions to contribute to the work of the ad hoc committee, as appropriate;

Requests the Secretary-General to provide all appropriate support to the work of the ad hoc committee, including through ensuring inter-agency cooperation and effective participation and coherence within the United Nations system, in particular by taking advantage of the technical expertise of the United Nations Conference on Trade and Development and regional and international financial institutions, as appropriate, and in accordance with their respective mandates;

Also requests the Secretary-General, in order to enhance the active participation of representatives from developing countries, particularly countries in special situations, in the work of the ad hoc committee, to make efforts to use the available resources for that purpose, and also invites international and bilateral donors, as well as the private sector, financial institutions, foundations and other donors in a position to do so, to support the work of the ad hoc committee through voluntary contributions, including coverage of economy-class air tickets, daily subsistence allowances and terminal expenses;

Requests the ad hoc committee to submit to the General Assembly at its sixty-ninth session a proposal for consideration and appropriate action.

Who adopted this document and its mandates?

What subjects does this mandate have?

What’s in this document?

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