A/HRC/11/10 page 2 Summary The present report is submitted in accordance with Human Rights Council resolution 7/4 of 27 March 2008, in which the Council decided to redefine the mandate of the independent expert on the effects of economic reform policies and foreign debt on the full enjoyment of all human rights, particularly economic, social and cultural rights, and to rename it “independent expert on the effects of foreign debt and other related international financial obligations of States on the full enjoyment of all human rights, particularly economic, social and cultural rights”, and also decided to extend the mandate for a period of three years. In section I of the report, the independent expert briefly recalls the plan of implementation of the mandate and the broad objectives it seeks to achieve, as outlined in his preliminary report to the General Assembly (A/63/289). In section II he outlines the activities that he has undertaken since assuming his mandate in May 2008. In section III he proposes a preliminary conceptual framework for understanding the connection between foreign debt and human rights, based on international legal standards. The framework includes a definition of foreign debt, a brief discussion of the relationship between foreign debt and human rights, the value of a human rights-based approach to foreign debt, a review of international standards that are relevant to the mandate, States’ obligations in the framework of international cooperation, the obligations of international financial institutions, and the principle of shared responsibility. While acknowledging the important role of the international financial institutions in addressing the debt crisis, the independent expert argues that a human rights-based approach to foreign debt offers specific value through its emphasis on participation, non-discrimination, transparency, accountability and the universality, interdependence and indivisibility of all human rights, to ensure that the goals of development in general and debt relief measures in particular are consistent with international human rights standards. Finally, in section IV the independent expert outlines the issues to which he will devote attention during the period 2009-2010. These include the review and development of the draft general guidelines on foreign debt and human rights, exploring the linkages between trade and debt, and examining the issue of illegitimate debt.