Explanation of Position for the Adoption of the External Debt for Sustainability and Development Resolution

Tom Carnahan
Public Delegate
New York, New York
November 23, 2021


I would like to thank Saint Lucia for its leadership as the facilitator on this resolution. This is a particularly timely resolution as the economic impact of the COVID-19 pandemic has increased debt risks which could set back economic recovery and progress toward achieving the sustainable development goals.

We reiterate that debt transparency—including public debt disclosure—is critical to maximize the benefits of Debt Service Suspension Initiative and Common Framework debt relief, promote debt sustainability, and allow for fair burden sharing.

Regarding the references to non-cooperative minority bondholders in OPs 26 and 27, we note that the ability of such bondholders to block a deal is permitted by law in the covenants agreed to by the issuer. As such, we believe it is outside the scope of a UN resolution to express concern about the enforceability of contracts.

Finally, we refer you to our general statement, delivered on November 18, 2021, for comprehensive information regarding our position on the Debt Service Suspension Initiative, Special Drawing Rights, trade, technology transfer, and the Sendai Framework.