A/HRC/43/45/Add.2 and social policies,1 it is understood that this normative perspective defines the scope of the present report. 7. Building on its commitment to the 2030 Agenda for Sustainable Development, Mongolia adopted the Sustainable Development Vision 2030 in 2016. It summarizes the State’s aspirations regarding sustainable development: “By 2030, Mongolia aspires to be amongst [the] leading middle-income countries based on per capita income. It hopes to be a multi-sector stable economy, and a society dominated by middle and upper-middle income classes, which would preserve ecological balance, and have stable and democratic governance.”2 It is important to highlight the clear commitment of Mongolia to the 2030 Agenda; it submitted a voluntary national review in 2019.3 8. The Independent Expert notes the efforts deployed by the Government to ensure sustainable and inclusive growth through the adoption of the Sustainable Development Vision 2030. He encourages the Government to align its implementation with the realization of the Sustainable Development Goals and to ensure systematic and comprehensive monitoring of its implementation. This could be complemented by the adoption of a national human rights action plan and by ensuring that the Sustainable Development Vision 2030 explicitly refers to international human rights law. 9. The Independent Expert commends the Government for its commitment to developing a national action plan on business and human rights.4 He encourages it to pay particular attention to mining companies of all sizes and to businesses operating in the financial sector, including banking and non-banking institutions under the supervision of the Financial Regulatory Commission, which is in charge of monitoring a range of activities including savings and credit cooperatives and microcredit institutions. III. Macroeconomics, debt and human rights A. Macroeconomics and human rights 10. Mongolia is extremely rich in natural resources, with significant deposits of gold, copper, coal, silver and other minerals. The mining sector amounted to 79.6 per cent of the country’s exports in 2017.5 The animal products sector, an area to which herders have been traditionally contributing for generations, amounted to 6 per cent of the total exports for 2017.6 The current economic model is mainly based on the exploitation of natural resources, the mining sector being at the centre of the State’s economy and contributing 21 per cent of total government revenues on average between 2010 and 2017.7 11. For many States, overreliance on natural resource extraction has proved to be both an economic opportunity and a challenge. Studies have demonstrated that while it has significant potential, mining exploitation needs to meet several conditions to ensure the effective translation of mineral revenues into sustainable growth. Resource abundance has at times been associated with a hampering of growth through reinforcement of structural, monetary 1 2 3 4 5 6 7 See the guiding principles on human rights impact assessments of economic reforms (A/HRC/40/57), principle 9. Mongolia, Secretariat of the State Great Hural, Mongolia Sustainable Development Vision 2030 (Ulaanbaatar, 2016), p. 9. See Mongolia, Mongolia Voluntary National Review Report 2019: Implementation of the Sustainable Development Goals (Ulaanbaatar, 2019). See www.ohchr.org/EN/Issues/Business/Pages/NationalActionPlans.aspx. Mongolia Extractive Industries Transparency Initiative, Mongolia Twelfth EITI Report 2017 (Ulaanbaatar, 2017), p. 10. Bank of Mongolia, Annual Report 2017, p. 16. World Bank Group, Mongolia: Growing without Undue Borrowing – Enhancing Efficiency of Spending and Revenue (Ulaanbaatar, 2018), p. 43. 3