A/HRC/34/57 human rights institutions and other civil society organizations representing groups that may be marginalized and disadvantaged can play a useful role in monitoring the effects of labour market reforms jointly with trade unions and employer’s organizations. 63. There is also a need to reflect upon and devise more inclusive negotiation procedures for dealing with sovereign debt restructuring. In particular, when sovereign debtors and their creditors negotiate the terms of a debt restructuring or new lending with financial institutions, unemployed people, workers, their unions and national human rights institutions should have full access to and be able to participate in this debate. The outcome of these decisions may imply official or informal commitments to pass labour law reforms or budgetary restrictions that may affect the labour market, the functioning of the economy and the public finances in a way that impairs the employment prospects in the State concerned. D. Incorporate labour rights in policies of international, regional and national financial institutions 64. International and regional financial institutions and national development banks should include in their policy documents an explicit commitment to respect human rights, including labour rights, in their lending policies and to exercise human rights due diligence when taking lending decisions. 65. Lending agreements should contain the recognition of labour and trade union rights, including the freedom of association and effective recognition of the right to collective bargaining and the right to strike. They should, furthermore, require consultation with trade unions and employer organizations on matters affecting them. 66. International and regional financial institutions and national development banks should develop policies to deal effectively with alleged violations of labour rights in the macroeconomic reform programmes and projects that they finance. The independent complaints mechanisms of international and regional financial institutions and national development banks should be able to receive and address such grievances and complaints in accordance with the Guiding Principles on Business and Human Rights.92 E. Ensure policy coherence on labour standards within international organizations 67. A significant lack of coordination persists between key lending institutions, such as IMF, and the competent international organizations when it comes to labourrelated conditionality. This is problematic not only because IMF has recognized that structural reforms institutions, such as ILO, “may be better placed to advise”,93 but also because such lack of coordination entails the risk that adverse effects of policy proposals are not adequately identified and addressed. States and international financial institutions considering labour law reforms should systematically, and in a timely manner, consult with international organizations that have expertise in this area, notably ILO. ILO can, if necessary, also assist with fostering dialogue and 92 93 See A/HRC/17/31, annex. IMF, “Jobs and growth: analytical and operational considerations for the Fund” (Washington, 2013), p. 46. Available at https://www.imf.org/external/np/pp/eng/2013/031413.pdf. 21