The Independent Expert on foreign debt is the human rights monitoring body that has provided the widest analysis on the issue; though others have contributed to the debate as well. Special procedures and treaty bodies have considered, for example, the obstacle high external debt burdens may impose to compliance with human rights treaty obligations, particularly those relating to economic, social and cultural rights, as well as to the human rights issues surrounding loan conditions.207 In recent years, they have tended to look mostly at debt restructuring and austerity policies’ fiscal policy arenas and human rights impacts,208 as well as whether funds freed up through debt-relief programmes have been devoted to human rights-related spending.209 All concur that any response to financial crises must fully comply with human rights law210 (see section 5.1 below). Monitoring bodies’ work makes evident that states receiving funds or grants from states or international financial institutions (IFI) have the duty to take into account their human rights obligations – in particular economic, social and cultural rights – in all negotiations with lenders.211 Similarly, creditor states and IFIs alike are obliged to consider the consequences of their financial decisions so as not to affect states’ obligation to realise economic, social and cultural rights.212 As interpreted by treaty bodies and special procedures, the latter obligation falls on states as both lenders in bilateral loans and as members of international organisations providing financial assistance.213 Lender obligations have been specified over the years, including, first and foremost, the requirement that lenders conduct a human rights impact assessment as a prerequisite to providing new loans, in addition to the desirability of lenders carrying out due diligence exercises. 214 This should not only focus on the likelihood of whether the loan will be serviced in the future, but on the impact that lending will have on populations and their exercise of human rights. Over the years, the Independent Expert on foreign debt has detailed the content of the due diligence analysis that lenders should 207 See, eg, CESCR, ‘Public debt, austerity measures and the International Covenant on Economic, Social and Cultural Rights – Statement by the Committee on Economic, Social and Cultural Rights’ (2016) UN Doc E/C.12/2016/1, paras 4 and 11; and ‘Report of the Independent Expert on international solidarity, Virginia Dandan’ (2014) UN Doc A/ HRC/26/34 (draft proposed declaration). 208 CERD, Concluding Observations UK (2001) UN Doc CERD/C/GBR/CO/18-20; CESCR, Concluding Observations Czech Republic (2014) UN Doc E/C.12/CZE/CO/2; CRC, Concluding Observations Jamaica (2015) UN Doc CRC/C/JAM/CO/3-4. 209 See, eg, CRC, Concluding Observations Guinea (2013) UN Doc CRC/C/GIN/CO/2; CESCR, Concluding Observations Togo (2013) UN Doc E/C.12/TGO/CO/1. 210 ‘Report of the Independent Expert on foreign debt, Juan Pablo Bohoslavsky’ (2016) UN Doc A/HRC/31/60, para 70. 211 This has been a long-standing position. See, eg, CESCR Concluding Observations Bulgaria E/2000/22 para 236; Concluding Observations Cameroon E/2000/22, para 352; Concluding Observations Argentina E/2000/22, para 276; Concluding Observations Georgia E/2001/22, para 96; Concluding Observations Egypt E/2001/22, para 170; Concluding Observations Senegal E/C.12/1/Add.62, para 60. 212 See, eg, ‘Report of the Independent Expert on foreign debt, Juan Pablo Bohoslavsky’ (2015) UN Doc A/70/275. 213 According to human rights monitoring bodies, states must comply with human rights obligations via their own actions as well as through their actions as members of international organisations such as the IMF and the World Bank. Thus, this duty is stressed in particular to states viewed as having an influence in the decision-making organs of international financial institutions. See, eg, Concluding Observations Italy E/2001/22, para 126; Concluding Observations Belgium E/2001/22, para 493; Concluding Observations Germany E/C.12/1/Add.68, para 31 and A/HRC/25/50/Add.2 (2014), para 68. 214 Guiding principles on foreign debt and human rights, paras 38–41. 58 The Obligation to Mobilise Resources: Bridging Human Rights, Sustainable Development Goals, and Economic and Fiscal Policies   December 2017