A/HRC/17/37 37. In the third presentation, the speaker acknowledged that the guidelines adopted a human rights-based approach to debt but noted that they still failed to clearly identify the legal rights at stake on the one hand, and the rights-holders and duty-bearers on the other. 38. Discussions reflected the need to place governance at the heart of the dialogue on foreign debt and human rights. Participants expressed concern regarding the voluntary character of the guidelines. 39. Participants also expressed concern over the lack of an independent international body for the resolution of debt-related disputes and assessment of the legitimacy of debt. 40. There was general agreement that the guidelines could benefit from the lessons drawn from the Heavily Indebted Poor Countries (HIPC) Initiative. Participants further articulated the need to incorporate into the guidelines provisions designed to prevent the sale of sovereign debts to third parties (typically, commercial creditors commonly referred to as “vulture funds”6) and to address debt in the context of cooperation with emerging creditors. C. Session II: Core human rights principles and obligations 41. This session commenced with two presentations, one on the human rights obligations of States, including the obligation of international assistance and cooperation, and the other on key human rights principles relevant to debt and related financial obligations of States. 42. In the first presentation it was underscored that international assistance was increasingly understood as a right (on the part of recipients) and an obligation (on the part of developed countries and donors) under the International Covenant on Economic, Social and Cultural Rights.7 Wealthy States had an obligation to provide economic assistance to help developing countries effectively implement the provisions of the Covenant. 43. In his presentation, the Independent Expert emphasized the primacy of human rights obligations as reflected in Article 103 of the Charter of the United Nations and the 6 7 10 “Vulture funds” are private commercial entities that purchase the defaulted debt of poor countries on the secondary market at significant discounts and then attempt, through litigation, seizure of assets or political pressure, to seek repayment of the full face value of the debt together with interest, penalties and legal fees. For a discussion of vulture funds and their impact on debt relief and human rights in poor countries, see the report of the independent expert (A/HRC/14/21). Under article 2, paragraph 1, of the International Covenant on Economic, Social and Cultural Rights, each State Party “undertakes to take steps, individually and through international assistance and cooperation, especially economic and technical, to the maximum of its available resources, with a view to achieving progressively the full realization of the rights recognized in the present Covenant by all appropriate means, including particularly the adoption of legislative measures”. According to the Committee on Economic, Social and Cultural Rights, the phrase “to the maximum of its available resources was intended by the drafters of the Covenant to refer to both the resources existing within a State and those available from the international community through international cooperation and assistance” (emphasis added). The Committee has further emphasized that “in accordance with Articles 55 and 56 of the Charter of the United Nations, with well-established principles of international law, and with the provisions of the Covenant itself, international cooperation for development and thus for the realization of economic, social and cultural rights is an obligation of all States” and that “it is particularly incumbent upon those States which are in a position to assist others in this regard”. General comment No. 3 (1990) on the nature of States parties obligations, paras. 13 and 14. See also art. 4 of the Convention on the Rights of the Child; art. 4, para. 2, and art. 32 of the Convention on the Rights of Persons with Disabilities; and art. 3, para. 3, of the Declaration on the Right to Development.