Forty-ninth session
Agenda item 87 (c) and (d)
RESOLUTION ADOPTED BY THE GENERAL ASSEMBLY
The General Assembly,
Recalling its resolutions 41/202 of 8 December 1986, 42/198
of 11 December 1987, 43/198 of 20 December 1988, 44/205 of 22
December 1989, 45/214 of 21 December 1990, 46/148 and 46/151 of
18 December 1991 and 47/198 of 22 December 1992, and reaffirming
its resolution 48/182 of 21 December 1993,
Reaffirming its resolutions 48/165 of 21 December 1993
on the renewal of the dialogue on strengthening international
economic cooperation for development through partnership and 48/166
of 21 December 1993 on an agenda for development,
Noting the improvement in the debt situation of a number
of developing countries since the second half of the 1980s and
the contribution that the evolving debt strategy, as applied by
the international community, has made to this improvement,
Noting with appreciation the debt relief measures undertaken
by creditor countries both within the framework of the Paris Club
and through their cancellations and equivalent relief of bilateral
official debt,
Noting also that, owing to uneven developments in the context
of the evolving international debt strategy, further progress,
including concrete measures and innovative approaches, is essential
for the achievement of an effective, equitable, development-oriented
and durable solution to the external debt problems of a large
number of developing countries, particularly the poorest and most
heavily indebted countries,
Welcoming the fact that some developing countries have
made substantial progress towards resolving their debt difficulties,
Noting with concern the continuing debt and debt-service
problems of indebted developing countries, as an element adversely
affecting their development efforts and economic growth, and reiterating
the need to address and resolve those problems through effective
relief measures, including, where appropriate, substantial debt-reduction
measures, bearing in mind the special and critical situation of
the most indebted developing countries in Africa and the least
developed countries,
Stressing the importance of alleviating the onerous debt
and debt- service burdens connected with various types of debt
of many developing countries, on the basis of an equitable and
durable approach and, where appropriate, addressing the full stock
of debt of the poorest and most indebted developing countries
as a matter of priority,
Emphasizing the importance for debtor developing countries
of continuing to pursue and intensify their efforts with respect
to economic reforms, stabilization and structural adjustment programmes,
in order to raise savings and investments, to reduce inflation
and to improve economic efficiency, taking into account the need
to address the social aspects of development, including the eradication
of poverty, and their individual characteristics, as well as the
vulnerability of the poorer strata of their populations,
Expressing its concern that in a number of developing countries
which are making continuous and strenuous economic reform efforts,
the burden of debt and debt service continues to constitute a
major obstacle to the revitalization of economic growth and development
of those countries, in particular of the least developed countries,
Noting that those developing countries which have continued,
at great cost to themselves, to meet their international debt
and debt-service obligations in a timely fashion, have done so
despite serious external and domestic financial constraints,
Stressing the need for continuing global economic growth
and the necessity of a continuing supportive international economic
environment with regard to, inter alia, terms of trade, commodity
prices, improved market access, trade practices, access to technology,
exchange rates and international interest rates, and noting the
continued need for resources for sustained economic growth and
sustainable development of the developing countries,
Noting, while addressing the debt problems of developing
countries, the situations in some creditor countries with economies
in transition,
Taking note of the result of the Ministerial Meeting of
the Non-Aligned Countries on Debt and Development, held at Jakarta
from 13 to 15 August 1994, and its findings and recommendations,
A/49/367, annex I.
Also taking note of the communiquÇ of the fifty-first
Meeting of Ministers of the Intergovernmental Group of Twenty-Four
on International Monetary Affairs, held at Madrid on 1 October
1994, and the communiquÇ of the forty-ninth Meeting of
the Joint Ministerial Committee of the Boards of Governors of
the World Bank and the International Monetary Fund, held at Madrid
on 3 October 1994,
Further taking note of the communiquÇ of the Summit
of the group of seven major industrial countries, held at Naples,
Italy, from 8 to 10 July 1994, A/49/228-S/1994/827, annex I.
1. Takes note with appreciation of the report of the Secretary-
General on the developing country debt situation as of mid-1994;
A/49/338.
2. Recognizes that a durable solution to the debt problems
of the poorest and heavily indebted developing countries suggests
even more favourable terms of debt relief measures, including
a reduction of the stock of debt, and encourages the Paris Club
and its members to pursue vigorously efforts to improve the terms
applied to the poorest and heavily indebted developing countries,
including, where appropriate, a reduction in bilateral official
debt sufficient to help them to exit from the rescheduling process
and thus contribute to the prospect of those countries to resume
growth and development;
3. 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, and stresses the need for the international
community to promote a conducive external economic environment
through, inter alia, improved market access, stabilization of
exchange rates, the effective stewardship of international interest
rates and increased resource flows, as well as improved access
to technology for the developing countries;
4. Calls upon the international community to implement
fully the agreements of the Uruguay Round of multilateral trade
negotiations Legal Instruments Embodying the Results of the Uruguay
Round of Multilateral Trade Negotiations, done at Marrakesh on
15 April 1994 (GATT secretariat publication, Sales No. GATT/1994-7),
vols. 1 to 31. and to continue its support for an open, free,
equitable, non-discriminatory and rule-based international trading
system that improves access to markets of all countries in order
to ensure sustained economic growth and sustainable development,
taking into account special and differential treatment agreed
for developing countries, in particular the least developed countries,
as well as technical assistance for developing countries, thereby
enhancing their opportunities for, inter alia, alleviating their
debt problems;
5. Welcomes the write-off by certain creditor countries
of a significant part of the bilateral official debt of the least
developed countries, and invites them, whenever possible, to cancel
official development assistance debt or provide relief with similar
effect for the least developed countries, particularly those in
Africa;
6. Calls upon the donor countries and multilateral financial
institutions, within their prerogatives, to consider appropriate
new measures for substantially alleviating the debt burden of
low-income countries, taking into account the specific situation
of each country;
7. Encourages private creditors and, in particular, commercial
banks to continue their initiatives and efforts to address the
commercial debt problems of the least developed countries and
of low- and middle-income developing countries;
8. Notes with concern the continuing existence of the debt
and debt- service obligations of middle-income countries, including,
in particular, those in Africa, and invites creditors, including
multilateral financial institutions and commercial banks, to continue
to address these obligations effectively;
9. 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 multilateral financial institutions to continue to extend
concessional financial assistance, particularly to the least developed
countries, in order to support the implementation of economic
reforms, stabilization and structural adjustment programmes and
the eradication of poverty by the developing countries so as to
enable them to extricate themselves from the debt overhang and
to assist them in achieving sustained economic growth and sustainable
development;
10. Also stresses the urgent need to continue to provide
social safety nets to vulnerable groups most adversely affected
by the implementation of economic reform programmes in the debtor
countries, in particular low-income groups;
11. Notes the high proportion of multilateral debt of a
number of developing countries, and invites the international
financial institutions to examine proposals to tackle the problems
of those countries with regard to multilateral debt, taking into
account the specific situation of each country, while preserving
the preferred creditor status of the multilateral financial institutions,
in order to ensure that they can continue to provide concessional
financing to those developing countries to assist their development;
12. Urges the international community to consider wider
application of innovative measures, such as debt-for-equity and
debt-for-nature swaps, without prejudice to more durable solutions
such as debt reduction and/or cancellation;
13. Invites the international community, including the
international financial institutions, to continue to explore ways
of implementing additional and innovative measures to alleviate
substantially the debt burdens of developing countries, in particular
of the highly indebted low-income countries, in order to help
them to achieve sustained economic growth and sustainable development
without falling into a new debt crisis;
14. Calls upon the international community, including the
relevant international institutions, to build upon the momentum
gained from various recent meetings that addressed debt issues
and to address the debt problems of developing countries, particularly
those of the least developed countries, in the elaboration of
an agenda for development in order to further promote effective,
equitable and durable solutions to these problems;
15. Invites creditor countries, private banks and multilateral
financial institutions, within their prerogatives, to consider
the extension of appropriate new financial support to the low-income
countries with substantial debt burdens that continue, at great
cost, to service the debt and meet their international obligations;
16. Recognizes the need to assist developing countries
to mobilize the resources needed for their development efforts,
and recognizes also that debt relief could contribute towards
releasing domestic resources and to sustaining their development
efforts, in particular their social development efforts;
17. Requests the Secretary-General to report to the General
Assembly at its fiftieth session on the implementation of the
present resolution.
92nd plenary meeting
19 December 1994