A/69/273 implications of debt portfolios. The idea is not to wait until a debt crisis erupts, with potential negative impacts on the realization of economic, social and cultural rights, but to increase awareness that such impacts can frequently be avoided by improved fiscal policies and debt management. 1 Contributing to the enhancement of this preventive dimension of human rights law in sovereign financing constitutes a goal in itself. While ensuring the enjoyment of human rights sometimes requires resources, international human rights standards should inform the facilitation of responsible, effective and sustainable fiscal policies and management strategies. This includes the study of contemporary and prominent sovereign financing instruments, such as bond and derivate trading. B. Human rights in the context of debt restructuring and debt relief 13. International law applicable to sovereign debt restructuring is still in its infant stage. Some international rules and principles are emerging and are being consolidated. As sovereign insolvency has obvious implications for the enjoyment of economic, social and cultural rights by debtors’ populations and of their right to development, international human rights law should be considered when defining and identifying the rules governing debt restructurings. Standstill agreements, seniority, the distribution of financial losses between debtors and creditors and among creditors, the legitimacy of decision-making processes, holdout creditors’ rights, and the procedural and substantive aspects of vulture funds litigation are concrete examples of problems and challenges posed by every debt r estructuring, the rules relating to which should also be informed by international human rights law. Research will be encouraged in this realm, and the Independent Expert will undertake, when suitable, advocacy for a human rights-based approach to debt restructuring and debt relief. C. Good practices in dealing with debt crisis 14. The mandate holder will continue to monitor how debt burdens and adjustment programmes affect the enjoyment of human rights. Such monitoring will be complemented with the exploration of more sophisticated tools informed by human rights law to give Governments and those severely affected by such programmes more effective means to prevent negative human rights impacts that may result from such policies, and, if required, receive compensation for them. Such tools may operate at both the domestic and international levels. In the same vein, it is necessary to identify best practices for decision-making in situations in which retrogressive measures cannot be avoided owing to necessity. Who is affected by policy reforms, how much and for how long? How can adjustment policies be implemented in a manner that human rights, including those of vulnerable or marginalized groups (including, but not limited to, children and women), are respected and that essential levels of economic, social and cultural rights remain guaranteed? These are all delicate questions that Governments have been seeking to answer with varying degrees of success from the human rights viewpoint. Lessons can be learned from these experiences. __________________ 1 6/12 See also in this context the recent report on fiscal and taxation policies and human r ights of the Special Rapporteur on extreme poverty and human rights (A/HRC/26/28). 14-58891