A/RES/73/221 External debt sustainability and development 19. Underlines the importance of multilateral efforts to tackle increasingly complex cross-border challenges that have serious effects on development and debt sustainability; 20. Recognizes the role of the United Nations and of the international financial institutions, in accordance with their respective mandates, and enc ourages them to continue to support global efforts towards sustained and inclusive growth, sustainable development and the external debt sustainability of developing countries, including through continued monitoring of global financial flows and their impl ications in this regard; 21. Reiterates that debtors and creditors must work together in a transparent manner to prevent and resolve unsustainable debt situations and that maintaining sustainable debt levels is the responsibility of the borrowing countrie s, acknowledges that lenders also have a responsibility to lend in a way that does not undermine a country’s debt sustainability, and in this regard takes note of the principles on responsible sovereign lending and borrowing of the United Nations Conferenc e on Trade and Development, recognizes the applicable requirements of the debt limits policy of the International Monetary Fund and/or the non-concessional borrowing policy of the World Bank and the safeguards of the Development Assistance Committee of the Organization for Economic Cooperation and Development in its statistical system to enhance the debt sustainability of recipient countries, and resolves to work towards a global consensus on guidelines for debtor and creditor responsibilities in borrowing by and lending to sovereigns, building on existing initiatives; 22. Calls for the intensification of efforts to prevent and mitigate the prevalence and cost of debt crises by enhancing international financial mechanisms for crisis prevention and resolution, encourages the private sector to cooperate in this regard, and invites creditors and debtors to further explore, where appropriate and on a mutually agreed, transparent and case-by-case basis, the use of new and improved debt instruments such as debt swaps, including debt for equity in Sustainable Development Goal projects, as well as debt indexation instruments; 23. Notes the holding of the ninth Debt Management Facility Stakeholders’ Forum in Brussels on 28 and 29 May 2018, and encourages the United Nations Conference on Trade and Development, the World Bank and the International Monetary Fund to continue their analytical and policy work and technical assistance on debt issues and to promote policies for responsible, sustainable and transparent sovereign borrowing and lending, as appropriate; 24. Expresses its concern regarding the ability of non-cooperative minority bondholders to disrupt the will of the large majority of bondholders who accept a restructuring of a debt-crisis country’s obligations, given the potential broader implications in other countries, notes legislative steps taken by certain countries to prevent these activities and encourage all Governments to take action, as appropriate, and, furthermore, takes note of discussions in the United Nations on debt issues; 25. Encourages Governments to be mindful of the ability of non-cooperative minority bondholders to block a restructuring of a debt -crisis country’s obligations, and encourages debtors and creditors to work together to draft bon d agreements accordingly; 26. Welcomes the reforms to pari passu and collective action clauses proposed by the International Capital Market Association and endorsed by the International Monetary Fund to reduce the vulnerability of sovereigns to holdout cr editors, encourages countries to take further action to include those clauses in all their bond issuances, and welcomes the continued work of the International Monetary Fund to 6/8 18-22542