A/HRC/7/15 page 18 international agencies, must ensure that developing countries have free access to trade and finance. It must be ensured that the conditions or obligations undertaken by the developing countries are in their best interest and closely monitored by themselves in a manner consistent with the rights-based approach.20 69. As such, a framework of international cooperation to achieve poverty reduction targets has been adopted by the international community, under the aegis of developed donor countries and international financial institutions such as the World Bank and the International Monetary Fund (IMF). The poverty reduction strategy papers, initiated by IMF and the World Bank in 1999, are prepared by low-income countries, detailing their strategies for poverty reduction, linking national action, donor support and development outcomes, involving domestic stakeholders and development partners, including IMF and the World Bank. The papers were formulated as “a new approach to the challenge of reducing poverty in low-income countries based on country-owned poverty reduction strategies”.21 Five core principles drive the approach of poverty reduction strategy papers: it should be country-driven; result-oriented; comprehensive; partnership-oriented; and based on a long-term perspective for poverty reduction. The approach succeeded the IMF-World Bank’s highly criticized Structural Adjustment Programmes, seen as imposing conditions on developing countries for enforcing a free-market policy to the extent of compromising their economic sovereignty. 70. The approach of poverty reduction strategy paper has either been completely adopted or is at various stages of being implemented in more than 70 low-income countries throughout the world. While most countries have recognized the primacy of poverty reduction in their policy framework and their broad objectives are in conformity with international human rights standards and international cooperation principles, it would be important to review the implementation of the papers from the perspective of a rights-based approach to poverty reduction, i.e., equity, non-discrimination, participation, accountability and transparency.22 A. Equity and non-discrimination 71. Equity is to be construed as equity with respect to growth, structure and distribution of resources in the economy, as well as equitable distribution of income and benefits accruing from the exercise of rights. Non-discrimination entails abstention from discriminating on the grounds of sex, race, language, political affiliation or socio-economic status in the design and implementation of policies and practices and in the practice of democracy and the rule of law, while particular attention is paid to the well-being of vulnerable groups. 20 See also the fourth report of the independent expert on the right to development, Mr. Arjun Sengupta (E/CN.4/2002/WG.18/2). 21 IMF, IMF Executive Board Reviews the Poverty Reduction Strategy Paper Approach, Public Information Notice No. 02/31, 15 March 2002, at www.imf.org/external/np/sec/pn/2002/pn0231.htm. 22 All country-specific poverty reduction strategy papers and their progress reports cited in the present report are available on the IMF website at www.imf.org/external/np/prsp/prsp.asp.