A/HRC/RES/27/30 vulture funds,1 in which he aimed to draw global attention to the negative impact of the activities of vulture funds on international debt relief efforts and on the capacity of indebted poor countries that have benefited from debt relief to create the necessary conditions for the realization of human rights, including the right to development, Noting the concern expressed in the declaration that Heads of State and Government of the Group of 77 and China issued on the occasion of the summit entitled “For a New World Order for Living Well”, held in Santa Cruz de la Sierra, Plurinational State of Bolivia, on 14 and 15 June 2014,2 that reiterates the importance of not allowing vulture funds to paralyse the debt restructuring efforts of developing countries, and that these funds should not supersede the State’s right to protect its people under international law, 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, Affirming that debt burden contributes to extreme poverty and hunger and is an obstacle to sustainable human development, to the realization of the Millennium Development Goals and to the right to development, and is thus a serious impediment to the realization of all human rights, Encouraging all Governments, relevant United Nations agencies, funds and programmes and the private sector, when designing policies and programmes, to take into consideration the guiding principles on foreign debt and human rights,3 in particular paragraphs 6, 8 and 20 thereof, that were endorsed by the Human Rights Council in its resolution 20/10 of 10 July 2012, Noting that the international financial system does not have a sound legal framework for the orderly and predictable restructuring of sovereign debt, which further increases the economic and social cost of non-compliance, Expressing its concern about the voluntary nature of international debt relief schemes, which has created opportunities for vulture funds to acquire defaulted sovereign debt at vastly reduced prices and then seek repayment of the full value of the debt through litigation, seizure of assets or political pressure, Taking into account the fact that vulture funds, through litigation and other means, oblige indebted countries to divert financial resources saved from debt cancellation and diminish the impact of, or dilute the potential gains from, debt relief for these countries, thereby undermining the capacity of Governments to guarantee the full enjoyment of human rights of the population, Welcoming the research proposal on the activities of vulture funds and human rights proposed by the Advisory Committee in its action 13/7 at its thirteenth session4 and submitted to the Human Rights Council for its consideration, 1. 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; 2. 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 1 2 3 4 2 A/HRC/14/21. See A/68/948, annex. A/HRC/20/23, annex. See A/HRC/AC/13/2.