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Ammon News - AMMONNEWS - Jordan voted late Tuesday in favor of the UN General Assembly resolution on sovereign debt restructuring to improve the global financial system.

The new resolution, which was adopted 124 to 11 with 41 abstentions, aims at the establishment of a multilateral legal framework for sovereign debt restructuring to increase "the efficiency, stability and predictability of the international financial system. It also aims achieve sustained, inclusive and equitable economic growth and sustainable development, in accordance with national circumstances and priorities." The resolution, which was drafted by Bolivia on behalf of the Group of 77 developing nations and China, in which Jordan is a member, stressed the need to support the creation of a mechanism that would shield nations from unethical and opportunistic funds.

The United States voted against the measure, saying it would uncertainty in financial markets.

The UN resolutions are non-binding, but carry a symbolic international political weight.

The U.N. resolution "decides to elaborate and adopt through a process of intergovernmental negotiations, as a matter of priority during its sixty-ninth session, a multilateral legal framework for sovereign debt restructuring processes".

In voting against the resolution, the United States said a statutory mechanism for debt restructurings would sow uncertainty in financial markets, while several states said the International Monetary Fund was the more appropriate venue for discussing the issue, rather than the United Nations.

*Petra