Debt relief should be more extensive and generous.

Significant steps have also been taken to reduce the burden of debt on the most heavily indebted poor countries.

His delegation therefore supported the application of the debt burden adjustment based on the debt stock approach.

Furthermore, we hail recent initiatives in the areas of aid and debt relief.

Instead of making the creditors of private banks take haircuts, the Irish government chose to transfer the entire debt burden onto taxpayers.

A lower debt burden would certainly help Japan deal with its economic slowdown.

Taking note with great concern of the debt burden of many African countries, as debt servicing continues to drain the limited resources for development,

(d) The debt burden approach employed in the scale of assessments for the period 2004 2006

7. Emphasizes in this regard that debt relief does not replace other sources of financing

How can the Secretary General's proposed definition of debt sustainability be made operational?

How can the resolution of debt sustainability problems facing middle income countries be facilitated?

Recent studies show that once a government s debt burden reaches a threshold perceived to be unsustainable, more debt will only stunt, not stimulate, economic growth.

For donor countries, issues included increased official development assistance (ODA), deeper debt relief and improved trade conditions.

History offers two clear lessons reducing public debt is incredibly difficult without growth, and increasing growth is incredibly difficult with a huge burden of public debt.

Canada's total government sector has also achieved the sharpest decline in the debt burden among G 7 countries since the mid 1990s.

As such, the debt burden woefully understates the obligations that Greeks have to each other (largely in the form of family obligations).

Another important step forward was the finalization of the debt relief plan for the Heavily Indebted Poor Countries (HIPC).

Total debt relief accorded to the 27 countries that have reached either the decision point or the completion point, together with other debt relief measures, represents a two thirds reduction in these countries' overall debt stock.

Emphasizing the important role that private sector creditors play in debt relief and debt sustainability,

We believe that the country can be set on a sustained growth path through increased development assistance, as well as debt relief, to supplement our efforts.

Reduction of debt service burdens can release domestic resources that can be allocated to slum upgrading or other urban developing activities.

Another breakthrough was the debt relief for HIPC countries agreed at the annual meetings of the Bretton Woods institutions.

ODA receipts and debt sustainability, landlocked and transit developing countries and developing countries as a whole, 2000 2003

This raises the question of the adequate level of debt relief which would truly allow debtor countries to grow out of their debt problems.

The debt burden adjustment should be retained as an element of the scale methodology because external debt had a substantial impact on Member States' capacity to pay.

(h) To take steps to ensure that resources provided for debt relief do not detract from official development assistance resources intended to be available for developing countries and that the debt relief arrangements seek to avoid imposing any unfair burden on other developing countries

(h) To take steps to ensure that resources provided for debt relief do not detract from official development assistance resources intended to be available for developing countries and that the debt relief arrangements seek to avoid imposing any unfair burden on other developing countries

At the same time, this swap reduced troubled countries debt payment obligations allowing them to get back on their feet.

Interest payments, which consume more than 10 of Germany s federal budget, will grow along with the mounting debt burden and even faster if interest rates rise.

Sub Saharan Africa graphically demonstrates how losses from trade can outweigh the benefits associated with aid and debt relief.

China s Burden

(d) Debt burden

However, while the HIPC initiative has removed the debt overhang for many countries, the burden of debt service payments remains high (see table 1).

Debt relief, debt swaps or debt cancellation could offer important means for mobilizing resources for accelerating progress towards the water and sanitation goals.

This is one of a number of options for relieving external debt burdens in poor countries, including debt cancellation, in order to free resources for investments in essential infrastructure and services.

We also believe that the United Nations should be more active in assisting poor and developing countries regarding sustainable development by creating machinery to shift the burden of external debt to sustainable development.

Delegating and streamlining the workload

According to the OECD, Canada had the lowest debt burden of the G 7 in 2003 and 2004 and this is expected to continue for the next two years.

18 See IMF Debt Sustainability in Low Income Countries Further Considerations on an Operational Framework and Policy Implications, 10 September 2004.

(e) To reduce the unsustainable debt burden of developing countries through such actions as debt relief and, as appropriate, debt cancellation and other innovative mechanisms geared to comprehensively addressing the debt problems of developing countries, in particular the poorest and most heavily indebted ones

(e) To reduce the unsustainable debt burden of developing countries through such actions as debt relief and, as appropriate, debt cancellation and other innovative mechanisms geared to comprehensively addressing the debt problems of developing countries, in particular the poorest and most heavily indebted ones

Debt relief initiatives should be additional to ODA resources for development purposes and should be all encompassing, so that all heavily indebted developing countries can benefit appropriately.

This Council also urged the joint assessment mission to speedily complete its work, including determining the assistance needed for reconstruction and economic development, writing off debts and pursuing trade activities soon after the signature and entry into force of the Comprehensive Peace Agreement.

We congratulate the Group of Eight for the commitment adopted at the Gleneagles Summit, giving much needed debt relief to 18 heavily indebted poor countries.

18. Also notes that some low and middle income developing countries that are not included in existing debt relief initiatives also experience constraints in mobilizing the resources needed to achieve the internationally agreed development goals