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We recognize that important improvements have been made since Monterrey in enhancing the processes for cooperative restructuring of sovereign obligations, including in the Paris Club of official creditors and in the market acceptance of new standard clauses of government bond contracts. However, we acknowledge the existence of stocks of sovereign bonds without those collective action clauses. We recognize that there is scope to improve the arrangements for coordination between public and private sectors and between debtors and creditors, to minimize both creditor and debtor moral hazards and to facilitate fair burden-sharing and an orderly, timely and efficient restructuring that respects the principles of shared responsibility. We take note of the ongoing work being carried out by IMF and the United Nations system in this area. We recognize the recent “Paris Forum” initiative by the Paris Club that aims to foster dialogue among sovereign creditors and debtors on debt issues. We encourage efforts towards a durable solution to the debt problems of developing countries to promote their economic growth and sustainable development.


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