Acknowledges that endeavours to overcome the crisis must go beyond short-term relief, and recognizes the need for continued action to support the developing countries, including middle-income countries, that are most in need, on an inclusive basis, including through enhanced cooperation between the United Nations and international financial institutions and multilateral and regional development banks, according to their respective mandates, net positive flows from the international financial institutions to developing countries, sufficient concessional finance by, inter alia, enhancing access to concessional, long-term loans and development assistance while mobilizing catalytically additional resources from the private sector and assisting developing countries in addressing debt vulnerability in the immediate term and in attaining debt sustainability in the long term, recommends the full and transparent implementation by all official bilateral creditors of the Group of 20 Debt Service Suspension Initiative along with its extension until December 2021, and the orderly, timely and effective implementation of the Common Framework for Debt Treatments beyond the Debt Service Suspension Initiative, endorsed at the leaders’ summit hosted by Saudi Arabia on COVID-19 and negotiated further under the presidency of Italy, noting the need for greater collaboration of credit rating agencies in this regard, welcomes existing liquidity support for countries with liquidity constraints, for example the International Monetary Fund Catastrophe Containment and Relief Trust, which has provided 851 million United States dollars to 29 countries as of end-October 2021, also welcomes the International Monetary Fund’s special drawing rights allocation of the equivalent of 650 billion dollars of 23 August 2021 to meet the long-term global need to supplement reserve assets, and encourages countries with strong external positions to seek options for voluntary channelling of special drawing rights, in accordance with national laws and regulations, and to this end appreciates the Fund’s efforts to seek further viable options for the voluntary channelling of special drawing rights to countries most in need, such as the Poverty Reduction and Growth Trust and the new Resilience and Sustainability Trust of the Fund, with a view to providing affordable long-term financing to developing countries in a manner that preserves their external debt sustainability, and encourages the consideration of viable options to voluntarily channel through multilateral development banks;
