A/HRC/RES/37/11
Stressing the primacy of the means of implementation for the 2030 Agenda for
Sustainable Development, and in this regard underlining the fundamental principles of
international cooperation, which are pivotal for the practical achievement of the Sustainable
Development Goals,
Stressing also the determination expressed in the 2030 Agenda to assist developing
countries in attaining long-term debt sustainability through coordinated policies aimed at
fostering debt financing, debt relief and debt restructuring, as appropriate, and to address
the external debt of highly indebted poor countries to reduce debt distress,
Recognizing the commitments made in the Addis Ababa Action Agenda, and noting
that, despite international debt relief efforts, many countries remain vulnerable to debt crisis
and some are in the midst of a crisis, including a number of least developed countries and
small island developing States and some developed countries,
Mindful of the role, mandate and activities of other United Nations agencies, funds
and programmes in dealing with the issues of foreign debt and international financial
obligations,
Acknowledging that there is greater acceptance that the increasing debt burden faced
by the most indebted developing countries, in particular the least developed countries, is
unsustainable and constitutes one of the principal obstacles to achieving progress in peoplecentred sustainable development and poverty eradication and that, for many developing and
some developed countries, excessive debt servicing has severely constrained their capacity
to promote social development and provide basic services to create the conditions for the
realization of economic, social and cultural rights,
Expressing its concern that, despite repeated rescheduling of debt, developing
countries continue to pay out more each year than the actual amount they receive in official
development assistance,
Recalling the Basic Principles on Sovereign Debt Restructuring Processes, which
emphasize that sovereign debt restructuring workouts should be completed in a timely and
efficient manner and lead to a stable debt situation in the debtor State, minimizing
economic and social costs, warranting the stability of the international financial system and
respecting human rights,
Recognizing the sovereign right of any State to restructure its sovereign debt, which
should not be frustrated or impeded by any measure emanating from another State,
Recognizing also that illicit financial flows, including tax evasion by high net-worth
individuals, commercial tax evasion through trade misinvoicing and tax avoidance by
transnational corporations, contribute to the build-up of unsustainable debt, as Governments
lacking domestic revenue may resort to external borrowing,
Emphasizing that inequality continues to increase, and that it often contributes to
social exclusion and the marginalization of certain groups and individuals,
Recognizing the severe human rights impact of the recent financial crisis and that
human rights have not always being taken into account in the development of policy
responses to the crisis,
Affirming that debt burden further complicates the numerous problems facing
developing countries, contributes to extreme poverty and is an obstacle to sustainable
human development, and is thus a serious impediment to the realization of all human rights,
1.
Takes note with appreciation of the report of the Independent Expert on the
effects of foreign debt and other related international financial obligations of States on the
full enjoyment of all human rights, particularly economic, social and cultural rights, 1 and
welcomes the work and contributions of the Independent Expert;
1
2
A/HRC/37/54.