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 the Activities of Vulture Funds

A/HRC/RES/27/30No PDF available

Who created this mandate?

A Resolution of the General Assembly, under agenda item 3Promotion and protection of all human rights, civil, political, economic, social and cultural rights, including the right to development, published in 2014.

What subjects does this mandate have?

5 topics

Debt Relief Debt Restructuring External Debt Human Rights Report Preparation

What does this mandate say?

5 operative paragraphs

Condemns the activities of vulture funds for the direct negative effect that the debt repayment to those funds, under predatory conditions, has on the capacity of Governments to fulfil their human rights obligations, particularly economic, social and cultural rights and the right to development;

Reaffirms in this context that the activities of vulture funds highlight some of the problems in the global financial system and are indicative of the unjust nature of the current system, which directly affects the enjoyment of human rights in debtor States, and calls upon States to consider implementing legal frameworks to curtail predatory vulture fund activities within their jurisdictions;

Encourages all States to participate in the negotiations aimed at establishing a multilateral legal framework for sovereign debt restructuring processes, as referred to in General Assembly resolution 68/304, and invites States participating in the negotiations to ensure that such a multilateral legal framework will be compatible with existing international human rights obligations and standards;

Requests the Advisory Committee to prepare a research-based report on the activities of vulture funds and the impact on human rights, and to present a progress report of that research to the Human Rights Council at its thirty-first session for its consideration;

Also requests the Advisory Committee to seek the views and inputs of Member States, United Nations agencies, relevant international and regional organizations, the Office of the United Nations High Commissioner for Human Rights and relevant special procedures, including 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, as well as national human rights institutions and non-governmental organizations, in the preparation of the above-mentioned research-based report.

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