QUESTION OF: Encouraging Growth through Management of Financial RegulationMAIN-SUBMITTER BY: BrazilCO-SUBMITTERS: Argentina, Kenya, AfghanistanCO-SPONSORS: Switzerland, Zimbabwe, Iraq THE ECONOMIC AND FINANCIAL COMMITTEE,

Aware of the possible issues that can arise from severely indebted countries left without appropriate aid, Alarmed by the large number of countries not eligible for the HIPC (Heavily Indebted Poor Countries) initiative set up by the IMF and World Bank despite their level of necessity, Bearing in mind that HIPC countries’ debt is on average more than four times their annual export earnings, and 120 percent of their GNP, Concerned with the issue of debt sustainability on a global scale, Observing that effective debt management and sustainability is crucial for reaching development goals in health, education, infrastructure and progress for each nation Understanding that helping underdeveloped countries to climb out of poverty will contribute to regional stability, Realizing that in a host of global issues, countries cannot focus on only certain corners of the world when handling debt crises, Reaffirming the role of the World Bank in promoting long-term economic development and poverty reduction, Reaffirming that the United Nations as well as other relevant bodies should play an active role, due to their mission goal, to assist countries in debt sustainability. Recalling its resolutions 58/203 of 23 December 2003, 62/186 of 19 December 2007, 63/206 of 19 December 2008, and 65/144 of 20 December 2010,

1. Calls for the establishment of a global development funds program by the World Bank in which all countries that are mildly indebted and further less indebted, donate 0.5% of their government revenue to the World Bank development funds program;

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QUESTION OF: Encouraging Growth through Management of Financial RegulationMAIN-SUBMITTER BY: BrazilCO-SUBMITTERS: Argentina, Kenya, AfghanistanCO-SPONSORS: Switzerland, Zimbabwe, Iraq

2. Requires that these funds will be used for financing development in the recipient country through methods such as but not limited to:

a. rebuilding the nation’s internal infrastructure such as:i. Major transportation roads,

ii. Business or financial centres,a. investment in technologies that would only aid the following areas

depending on the speciality of the country:i. agriculture,

ii. industrial processing,b. building or improving public primary and secondary schools;

2. Demands that recipient countries of such donations refrain from using the funds for refunding debt;

3. Calls upon the World Bank to rescind funding in such cases;

4. Calls for the World Bank to:a. keep records of the allocation of such funds and to send representatives to

ensure the critical use of the funds for the intended purposes in such countries,

b. ensure transparency in the accounting, allocation and use of the fundsc. seek the cooperation of local governments,d. publish a report on any developments every 6 months;

5. Authorizes the World Bank to decide on the distribution of development funds to relevant recipient countries in need and for the World Bank to assess the eligibility of such countries for development funds based on but not limited to:

a. classification of that country in terms debt sustainabilityb. the ratio NPV of debt to GNPc. the ratio of NPV of debt to exports

6. Calls upon the World Bank to revise the use of growth projections for countries when evaluating debt by assuming the lower bounds rather than the currently used upper bounds;

7. Designates that the World Bank would withhold such funds from countries that violate these terms;

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QUESTION OF: Encouraging Growth through Management of Financial RegulationMAIN-SUBMITTER BY: BrazilCO-SUBMITTERS: Argentina, Kenya, AfghanistanCO-SPONSORS: Switzerland, Zimbabwe, Iraq

8. Recommends the United Nations to make efforts to further enhance the voice and representation of developing countries in multilateral institutions such as the World Trade Organization,

9. Encourages the WTO to review the membership of non-members, observers and countries currently negotiating their membership;

10. Decides to remain actively seized in the matter.

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