Africa: Proposal for Sovereign Debt Restructuring Framework Among 6 Draft Texts Approved By Second Committee

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The General Assembly would decide to establish an ad hoc committee to elaborate a multilateral legal framework for sovereign debt restructuring processes, according to the terms of one of six draft resolutions approved today by the Second Committee (Economic and Financial).

By other terms of that text, titled "Modalities for the implementation of resolution 68/304, entitled "Towards the establishment of a multilateral legal framework for sovereign debt restructuring processes", the Assembly would invite relevant stakeholders to make contributions to the work entrusted to the ad hoc committee, in accordance with the established practices of the United Nations. The Committee approved the text by a recorded vote of 128 in favour to 16 against with 34 abstentions.

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