External debt


In the Doha Declaration, Member States agreed to “intensify efforts to prevent debt crises by enhancing international financial mechanisms for crisis prevention and resolution, in co-operation with the private sector, and by finding solutions that are transparent and agreeable to all.”

It reaffirmed debt resolution principles from the Monterrey Consensus, including “the need to ensure that debt resolution is a joint responsibility of all debtors and creditors, both State and commercial; to recognize that furthering development and restoring debt sustainability are the main objectives of debt resolution; to strengthen transparency and accountability among all parties; to promote responsible borrowing and lending practices; to improve debt management and national ownership of debt management strategies; and to facilitate equivalent treatment of all creditors.”

It called for “keeping the debt sustainability frameworks under review to enhance the effectiveness of monitoring and analysing debt sustainability and consider fundamental changes in debt scenarios, in the face of large exogenous shocks, including those caused by natural catastrophes, severe terms-of-trade shocks or conflict” and “debt indicators based on comprehensive, objective and reliable data.”