Doha Declaration commitment

Date of commitment: 
December 2008
Millennium Development Goal: 
Recipient: 

Commitment

Promised to intensify “efforts to prevent debt crises by enhancing international financial mechanisms for crisis prevention and resolution, in cooperation with the private sector, and by finding solutions that are transparent and agreeable to all”. Recognized that “more efforts are needed through international debt resolution mechanisms to guarantee equivalent treatment of all creditors, just treatment of creditors and debtors, and legal predictability”.

Target

No numerical or additional targets were set.

Progress

No actions have been taken to create international debt restructuring mechanism since the unsuccessful outcome of the discussions on this issue since 2003.

Gap

The world lacks a comprehensive international debt workout mechanism within which to treat sovereign debt crises adequately.

Additionality

The Monterrey Concensus in 2002 called for creation of such a mechanism.