A/HRC/23/37 Contents Paragraphs Page I. Introduction ............................................................................................................. 1–5 4 II. Understanding debt relief ....................................................................................... 6–13 4 III. IV. V. VI. A. What is “debt relief”? ..................................................................................... 6–9 4 B. How debt relief under the initiatives works .................................................... 10–13 5 Impact of debt relief ................................................................................................ 14–32 6 A. Fiscal impacts ................................................................................................. 14–24 6 B. Poverty reduction and development................................................................ 25–29 9 C. Human rights .................................................................................................. 30–32 10 Limitations of current debt relief initiatives ............................................................ 33–52 11 A. Creditor dominance ........................................................................................ 34–35 11 B. A rigid definition of debt sustainability .......................................................... 36–41 11 C. Harmful conditionalities ................................................................................. 42–45 13 D. Lack of additionality ....................................................................................... 46–47 14 E. Vulture fund litigation .................................................................................... 48–50 15 F. Other shortcomings ......................................................................................... 51–52 15 International debt relief: what next? ........................................................................ 53–68 16 A. Reinforcing the principle of shared responsibility .......................................... 56–58 17 B. Establishing an impartial international debt workout mechanism .................. 59–61 18 C. Prioritizing domestic resource mobilization ................................................... 62–64 18 D. Reforming the international financial system ................................................. 65–68 19 Conclusions and recommendations ......................................................................... 69–70 20 3