A/HRC/RES/58/12 Expressing deep concern at estimates that the COVID-19 pandemic has ended global progress in poverty reduction, and noting that without an acceleration of progress toward the achievement of the 17 Sustainable Development Goals of the 2030 Agenda for Sustainable Development, the world is destined to face continued poverty and other challenges, in particular in the developing countries, with statistics indicating that an estimated 575 million people will be living in extreme poverty by 2030, Recognizing that, together with the consequences of the crisis associated with the COVID-19 pandemic and other systemic crises, the global economy is being confronted with a rapidly unfolding, synchronized and severe economic recession affecting both developed and developing economies and all continents at the same time, and emphasizing the need to create the economic and social conditions that will enable States to realize the right to development and to face future crises and pandemics, Recognizing also the need to strengthen the multilateral response to the debt problem and debt unsustainability and the need for reform of the international financial architecture, including reform of credit rating agencies, and that credit rating agencies should play a role in debt crisis prevention, and emphasizing that a more effective international financial architecture is required now more than ever in order to respond to the socioeconomic impact of multidimensional crises and to promote progress in the realization of all human rights, Noting the ongoing efforts to accelerate the reform of the international financial architecture, including actions to enable countries to borrow sustainably to invest in their long-term development, and taking note of the efforts of the Secretary-General to engage with credit rating agencies on their role in sustainable development, Affirming that debt burden further aggravates the complex challenges faced by developing countries, contributes to extreme poverty and is an obstacle to sustainable human development, and is therefore a serious impediment to the realization of all human rights, particularly economic, social and cultural 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, entitled “Understanding the landscape of climate finance, debt, tax and illicit financial flows and human rights”;2 2. Invites the Independent Expert to give, in accordance with her mandate, appropriate consideration to the impact of all international financial obligations on groups living below the poverty line, including women, youth, children, persons with disabilities, Indigenous Peoples, migrants and persons belonging to national, ethnic, religious and linguistic minorities suffering from socioeconomic inequalities and discrimination; 3. Recognizes that developing countries require massive liquidity and financing support to deal with the fallout resulting from the COVID-19 pandemic and its repercussions for the economy and for all human rights owing to the challenges faced in the areas of healthcare, education, employment and social protection systems, as well as to the heavy debt burden and deteriorating economic buffer; 4. Recalls that every State has the primary responsibility to promote the economic, social and cultural development of its people, and to that end has the right and responsibility to choose its means and goals of development and should not be subject to external specific prescriptions for economic policy; 5. Recognizes that debt relief can play a key role in liberating resources that should be directed towards activities consistent with attaining sustainable growth and development and the realization of human rights, including poverty reduction and the achievement of development goals, including those set out in the 2030 Agenda for Sustainable Development, and therefore that debt relief measures, where appropriate, should be pursued vigorously and expeditiously, ensuring that they do not replace alternative sources of financing and that they are accompanied by an increase in official development assistance; 2 A/HRC/58/51. 3