A/HRC/11/10 page 25 93. In paragraph 37 of his preliminary report to the General Assembly (A/63/289), the independent expert intimated that, in order to guarantee the acceptability and effective implementation of the draft general guidelines on foreign debt and human rights, it is necessary to ensure the fullest possible participation of all stakeholders (including civil society organizations and right-holders in the affected countries) in the finalization of the guidelines. Owing to financial constraints, however, the independent expert is unable to seek more diverse views from different stakeholders nationally and regionally. In this regard, he wishes to call upon all Member States to provide adequate resources to enable him to carry out regional consultations on the draft guidelines. 94. In its resolution S-10/1 on the impact of the global economic and financial crises on the universal realization and effective enjoyment of human rights, the Council invited all relevant thematic special procedures, within their respective mandates, building on the deliberations of the special session of the Council, “to consider any of the impacts of the global economic and financial crises on the realization and enjoyment of all human rights particularly economic, social and cultural rights, and to integrate their findings in this regard into their regular reports to the Council”. 48 In response to this invitation, the independent expert makes the following preliminary observations based on his contribution to the special session. 95. The independent expert notes that the current global economic and financial crises proffer a prime opportunity to integrate principles such as accountability, participation and transparency into the process of reforming the global financial architecture, working towards a more equitable system that not only promotes economic prosperity, but also more fundamentally advances the enjoyment of all human rights.49 96. The current global financial and economic crises should not result in a decrease in debt relief, nor should they be used as an excuse to stop debt relief measures, as that would have negative implications for the enjoyment of human rights in the affected countries. As indicated earlier in this report, the gains from debt relief are already being undermined by a variety of factors, including an unequal global trading environment and onerous conditionalities attached to debt relief. The current crises are likely to make this reality worse unless a bolder approach to the debt crisis is adopted that places human rights at its core to ensure that the most vulnerable are not further marginalized. 97. The independent expert suggests that both creditors (particularly, international financial institutions) and debtors should, as a preliminary step towards incorporating a human rights-based approach to development cooperation in general and the debt problem in particular, urgently consider the preparation of human rights impact assessments with regard to development projects, loan agreements or Poverty Reduction Strategy Papers 48 49 Human Rights Council resolution S-10/1 para. 9. In paragraph 9 of the Monterrey Consensus, States have declared their commitment to “promoting national and global economic systems based on the principles of justice, equity, democracy, participation, transparency, accountability and inclusion”.