External debt sustainability and development A/RES/73/221 Recognizing the important role, on a case-by-case basis, of debt relief, including debt cancellation, as appropriate, and debt restructuring as debt crisis prevention, management and resolution tools, Recalling the Sendai Declaration and the Sendai Framework for Disaster Risk Reduction 2015–2030, 4 reiterating that severe natural disasters and social or economic shocks can undermine a country’s debt sustainability, and noting that public creditors have taken steps to ease debt repayment obligations through debt rescheduling and debt cancellation following an earthquake or a tsunami and in the context of the Ebola crisis in West Africa, and encouraging consideration of further debt relief steps, where appropriate, and/or other measures for countries affected in this regard, as feasible, Expressing deep concern that a number of countries in special situations, in particular African countries, the least developed countries, landlocked developing countries and small island developing States, as well as some middle -income countries, face challenges in servicing their debt and that, in spite of international efforts, a growing number of developing countries continue to struggle with high debt burdens and are classified, in accordance with the debt sustainability assessments, as being in debt distress or at high risk of debt distress, Taking note of the operational guidelines for sustainable financing promoted by the Group of 20, while urging the Group to continue to engage in an inclusive and transparent manner with other States Members of the United Nations in its work, in order to ensure that the initiatives of the Group complement or strengthen the United Nations system, and noting the progress achieved in the implementation of the operational guidelines, 1. Takes note of the report of the Secretary-General; 5 2. Emphasizes the special importance of timely, effective, comprehensive and durable solutions to the debt problems of developing countries to promote their economic growth and development; 3. Recognizes the importance, in particular, of new and emerging challenges and vulnerabilities in regard to developing country external debt sustainability arising from structural changes to overall debt composition, the rapid growth of private sector debt in many emerging and developing countries and the growing use of new debt financing instruments and approaches; 4. Notes the growing concerns about fast-rising corporate debt, high-risk exposure to volatile international financial markets and fast -growing debt servicing burdens as potential triggers of financial and debt crises and the consequent need for coordinated policy responses; 5. Stresses the dual responsibility of creditors and debtor countries to avoid a build-up of unsustainable debt so as to reduce the risk of relapsing into another debt crisis, taking into account the challenges posed by the global economic environment and risks for debt sustainability in some developed and developing countries, and the need to continue to assist developing countries in this regard; 6. Acknowledges the role played by the Debt Sustainability Framework for Low-Income Countries, jointly developed by the International Monetary Fund and the World Bank, to guide borrowing and lending decisions, and welcomes the approval in 2017 of the comprehensive refor m of the Framework, which aims to improve its assessment of a country’s debt carrying capacity by incorporating __________________ 4 5 18-22542 Resolution 69/283, annexes I and II. A/73/180. 3/8