transparent participatory processes and managing natural resources revenue accountability.201 Some have pointed to the Extractive Industries Transparency Initiative as a specifically beneficial practice, as it allows the public to know how much the government receives from the country’s natural resources by disclosing taxes and other payments that oil, gas and mining companies make.202 It has been stressed that concessions revenue should be disclosed in a way that permits comprehensive analysis, otherwise accountability is not assured.203 3.3 Debt and deficit financing Debt financing can lead to establishing conditions for human rights realisation. However, human rights monitoring bodies note that this depends on several factors, including loan terms and conditions, prudent loan use and proper debt management. For this reason, human rights monitoring bodies have been addressing the issue of foreign debt from a human rights perspective for decades.204 Governments borrow by taking out loans from other governments, commercial banks and international financial institutions such as the International Monetary Fund (IMF) and the World Bank, as well as by issuing bonds to investors.205 Human rights bodies have stressed both creditors’ and debtors’ responsibility for respecting, protecting and complying with human rights. The Guiding Principles on foreign debt and human rights highlight that: ‘[A]ll States, whether acting individually or collectively (including through international and regional organisations of which they are members), have the obligations to respect, protect and fulfil human rights. They should ensure that any and all of their activities concerning their lending and borrowing decisions, those of international or national public or private institutions to which they belong or in which they have an interest, the negotiation and implementation of loan agreements or other debt instruments, the utilisation of loan funds, debt repayments, the renegotiation and restructuring of external debt, and the provision of debt relief when appropriate, do not derogate from these obligations.’206 201 ‘Report of the Working Group on business and human rights’ (Visit to Ghana) (2014) UN Doc A/HRC/26/25/Add.5, referring to the Natural Resource Charter and the Extractive Industries Transparency Initiative, of which Ghana is a member. 202 ‘Report of the Special Rapporteur on Myanmar, Tomás Ojea Quintana’ (2014) UN Doc A/HRC/25/64, paras 32 and 79. 203 ‘Report of the Special Rapporteur on Cambodia, Surya P Subedi’ (2012) UN Doc A/HRC/21/63/Add.1, para 11. 204 See, eg, ‘Report of the Independent Expert on foreign debt, Cephas Lumina, on Guiding principles on foreign debt and human rights’, (2012) UN Doc A/HRC/20/23 and ‘Report of the Independent Expert on foreign debt, Juan Pablo Bohoslavsky’ (Activities during 2014/2015 and sovereign debt restructuring) (2015) UN Doc A/70/275. 205 Radhika Balakrishnan et al, Maximum Available Resources & Human Rights: Analytical Report (Centre for Women’s Global Leadership 2011), p 15. 206 See, eg, ‘Report of the Independent Expert on foreign debt, Cephas Lumina’, (2012) UN Doc A/HRC/20/23, para 6. See also ‘Report of the Special Rapporteur on water and sanitation, Catarina de Albuquerque’ (2011) UN Doc A/66/255. December 2017   The Obligation to Mobilise Resources: Bridging Human Rights, Sustainable Development Goals, and Economic and Fiscal Policies 57