UN General Assembly adopts debt restructuring resolution

10 September, 2015

The UN General Assembly adopted a resolution on debt restructuring on September 10, 2015. The resolution outlines nine core principles that should be respected when restructuring sovereign debt: sovereignty, good faith, transparency, impartiality, equitable treatment, sovereign immunity, legitimacy, sustainability and majority restructuring. The nine principles that have been adopted are an important step in ongoing discussions. A number of UN member states have called for a change to the current debt system that has been criticized for failing to address the debt challenges of many countries. 

NOTE on A/RES/69/319:

136 countries voted for the resolution, while 6 (US, UK, Germany, Canada, Japan and Israel) voted against.  Furthermore, there were many (41) abstentions. The resolution was initiated by Argentina and submitted by South Africa.