The Contribution of the United Nations to the Development of International Legal Regulation of Sovereign Debt of States

Abstract

This article provides a retrospective historical analysis of the United Nations (UN) contribution to the development of the international legal framework for regulating sovereign debt. It provides a brief overview of the activities of UN bodies and other elements of the UN system, such as the United Nations Conference on the Least Developed Countries, the UN Conference on Trade and Development (UNCTAD), the UN Conference on Financing for Development, and others. It traces the evolution of regulation from addressing the debt problems of individual states/categories of states to the development of universal approaches to ensuring sovereign debt sustainability. Particular attention is given to the role of the UN General Assembly and the UN Conference on Trade and Development (UNCTAD) in developing of Basic Principles on Sovereign Debt Restructuring Processe.