The debt restructuring measures had dealt primarily with commercial debt and debt servicing obligations to official bilateral creditors.

3. Debt issues in a development context, including the recent evolution of debt rescheduling.

No formal debt restructuring existed for debt owed to multilateral institutions.

Item 3. Debt issues in a development context, including the recent evolution of debt rescheduling

Paris Club debt rescheduling has been too little.

Indeed, any rescheduling of debt servicing obligations is expressly forbidden.

ODA debt is rescheduled over 30 years, with no principal due for 12 years.

But as debts mount, and global interest rates rise, investors will become rightly nervous about the risk of debt restructuring.

That measure would avoid frequent rescheduling and would reduce the debt stock to sustainable levels.

Only if the guarantees are called in does a full insolvency occur, with the entire public debt being rescheduled.

The other option lets creditors restructure the debt at concessional interest rates so that the net present value of the debt servicing payments due on the debt will be reduced by half.

The agenda for development also should devise a plan to alleviate debt overhang and place a ceiling on debt repayment, by scheduling debt on reasonable terms, writing off some debt and enhancing official development assistance.

Table 3 Recent sovereign debt restructurings with private creditors main features

Paris Club creditors cancelled US 823 million of debt, and US 737 million was rescheduled.

About one half of the sum is accounted for by debt rescheduling and other forms of special financing.

But there is also a best case scenario, where Greek debt is restructured in a way that doesn t threaten the banking system.

It seeks to provide comprehensive treatment of debt crisis countries by debt reduction in three stages rather than a simple rephasing of the debt servicing schedule.

The Russian Federation was prepared to honour its debt in its entirety once it had been restructured taking into account the nature and origin of such debt and other factors.

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Under current regulations, that additional debt could not be rescheduled, thus, multilateral debt had not been affected by recent debt cancellation and rescheduling measures.

45. Mr. GUERRERO (Philippines) said that, while debt rescheduling schemes had benefited many countries, including the Philippines, they had not solved the external debt problem as a whole.

The Secretariat and the External Auditor should also look at the possibility of adopting additional measures to expedite the settlement of arrears by former Member States.

1. At the first part of its fortieth session, the Trade and Development Board examined debt issues in a development context, including the recent evolution of debt rescheduling.

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UNCTAD has continued to provide support to African and other debtor countries in preparing their negotiations on the rescheduling or restructuring of bilateral official debt in the framework of the Paris Club.

With mortgages amounting to 95 or more of the value of the house, debt restructuring will not be easy.

We intend to free up resources for development particularly in Africa by rescheduling and easing the debt burden of developing countries.

For many countries, the greater probability is that the existing debt servicing obligations will not be met, despite several rounds of debt rescheduling in the Paris Club, the London Club or ad hoc arrangements.

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One can carry out an orderly rescheduling of the PIIGS public debts without actually reducing the principal amount owed.

With regard to bilateral debt, debt relief took the form of payment rescheduling, sometimes on concessional terms, sometimes coupled with new loan packages.

Within the period under review, the Brady Plan, introduced in 1989, became the standard approach to restructuring debt owed to commercial bank creditors.

Multilateral debt, which accounted for almost 25 per cent of total external debt and 40 per cent of total debt service payments of the sub Saharan African countries, should also be rescheduled.

Indeed, the gap would have been even greater had the sub Saharan African countries not rescheduled significant quantities of debt owed.

The distribution to be used during scheduling

Rather staggering, no doubt about that.

Let's schedule that, uh... meeting for Friday. Friday.

4. Discussions of debt rescheduling should henceforth concentrate more on the poorer developing countries, especially in Africa.

The Russian Federation stood ready to negotiate such restructuring with the debtors and lenders and to restructure its debt in any other way, either through bilateral negotiations or within the framework of the Paris Club which it would like to join as a member or at least as an observer.

Until December 1991, the only generally available treatment for non concessional debt servicing was to reschedule the payments due, albeit on terms that had been lengthened over the years.

To address the debt burden problem, many African countries at first resorted to repeated debt rescheduling which focused on debt service flows, resulting in steadily increasing debt stocks and related service payments.

The remaining five posts were redeployed to the Scheduling Office.