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Legislative efforts to address non-cooperative minority creditors

While collective action clauses (CACs) aim to reduce the ability of non-cooperating bondholders to undermine an otherwise agreed voluntary restructuring of sovereign debt, the success of ex post litigation has highlighted a gap in the architecture for debt crisis resolution.

Additional mechanisms, including involving private creditors

As more developing countries tap international financial markets and more countries draw upon alternative sources for sovereign financing, the number of countries for which a more comprehensive approach to debt crisis workouts is needed may grow, especially in a challenging global environment. The Monterrey Consensus welcomed consideration of an international debt workout mechanism.

Innovative instruments for managing debt burdens

Different types of innovative debt instruments have been proposed, and some implemented on a small-scale or pilot basis. Their main aim is to either create room for additional investments in the SDGs or better manage shocks and risks.

The Addis Agenda specifically:

Towards responsible borrowing and lending

The Monterrey Consensus stated that “debtors and creditors must share the responsibility for preventing and resolving unsustainable debt situations.” Member states emphasized the responsibilities of debtors to maintain sustainable debt levels and the responsibilities of creditors to lend in a manner that would not undermine a country's debt sustainability.

Improving public debt management

Many Governments seek to further strengthen their capacity to appropriately manage public debt and ensure borrowing in the interest of maintaining sustainable debt levels.

Special and differential treatment/least developed countries

Tariffs applied to imported goods have been decreasing over time across developed, developing and least developed countries (LDCs). Key drivers of this global trend are the progressive liberalization achieved under the multilateral trading system, as well as, the expansion of preferential market access under regional trade agreements, unilateral tariff liberalization and non-reciprocal preference schemes in recent years.


Efforts to strengthen statistical capacities

Significant efforts are required to strengthen national statistical capacities to provide the necessary data and statistics to monitor progress in the implementation of the 2030 Agenda for Sustainable Development and the Addis Ababa Action Agenda. Funding the modernization efforts of national statistical systems is essential.

Transparency and needs assessment

The Addis Ababa Action Agenda stresses the importance of transparency. In the realm of data, transparency is particularly important in order to help users access the best possible data for decision-making at all levels from the household to the State. Country needs assessments for improving data capacities are important to enabling better data provision and utilisation.