There is general recognition that the problem of external debt is of an economic, political, social and historical nature and as such cannot be resolved through an exclusive focus on the technicalities of the debt problem alone but must involve a global approach. The essence of a sound scenario for the future must necessarily be the link between debt, development and human rights, particularly the right to development.
A number of governments have underlined the importance of cooperation between developed and developing countries and, in this regard, emphasized the need to strengthen the existing multilateral economic processes. They point out that the continued growth of markets in goods and services, the expansion of global credit, including credit on concessional terms, and the development and dissemination of technology on a global basis are predicated on preserving the multilateral framework for international economic cooperation. They also underline that protecting the environment and achieving sustainable development requires concerted international action, within the multilateral framework, in diverse areas, including the transfer of environmentally sound technology.
An essential feature of multilateral economic cooperation is an equitable and durable solution to the debt crisis so that developing countries may fully enjoy all human rights. In this connection, a number of governments emphasized the need to uphold the principle of national sovereignty and the principle of shared responsibility between creditor and debtor countries when formulating and implementing measures at the international level.
This strategy features in the framework of Agenda 21 as formulated at UNCED (Rio de Janeiro, 1992), now coordinated by the United Nations Commission on Sustainable Development and implemented through national and local authorities.