A/HRC/40/57 Preamble 1. In its resolutions 34/03 and 37/11, the Human Rights Council requested the 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, Juan Pablo Bohoslavsky, to develop guiding principles for assessing the human rights impact of economic reform policies, in consultation with States and all other relevant stakeholders, for submission to the Council at its fortieth session. The present guiding principles distil over two years of research and collective and participatory work with a dedicated focus on the human rights impacts of economic reforms on the human rights of millions of people around the globe and lessons learned over decades.1 2. Obligations under human rights law should guide all efforts to design and implement economic policies. The economy should serve the people, not vice versa. 3. While economic reform policies that could negatively affect human rights are more commonly found in the context of economic and financial crisis responses, these reforms have also been observed in less challenging economic times. This is why it is crucial to know to what extent human rights are effectively protected and respected both in times of economic crisis and in other circumstances. 4. Not all economic reform policy responding to economic crises is intrinsically against human rights, and economic reforms that are carefully formulated based on human rights can contribute to the betterment of human rights. In fact, responding to economic crises often requires actions by the Government that are dictated by the urgency to protect resources and assets that will, in the long term, serve to protect and fulfil human rights. Above all, Governments must ensure that measures put in place serve to pursue economic recovery for the benefit of the whole population, instead of only a few. 5. The realization of human rights is often affected by resource scarcity; hence, economic reform policies that affect availability of resources can negatively and deeply affect all human rights. As human rights are indivisible and interdependent, international human rights law needs to provide a consistent and comprehensive response to those economic reform policies. 6. Contractual obligations do not occur in a vacuum. Both the relationships between creditor and borrowing States and the relationship between States and their populations fall under the framework defined by international human rights law. 2 A human rights impact assessment is a structured process for identifying, understanding, assessing and addressing the potential or actual adverse effects of economic reform policies and serves to ensure that such policies are consistent with international human rights law. As they entail broad participation, transparency and accountability, human rights impact assessments also help democratize resource mobilization and spending policies. 7. More specifically, a human rights impact assessment, on the one hand, can support Governments, international financial institutions and private creditors by providing a clear and specific framework and process for assessing whether certain economic reform policies are consistent with international human rights law. On the other hand, it is an essential review and accountability procedure for the design, monitoring and implementation of economic reform policies. It contributes to evidence-based and transparent policymaking as it provides an analytical basis for evaluating potential human rights impacts when choosing among policy options. Using human rights impact assessments helps identify the institutional changes required to prevent adverse human rights impacts of economic reforms in the short/long term. This is why States should strengthen their capacity to conduct such assessments. 1 2 For more information and details of all these meetings and activities, see www.ohchr.org/EN/Issues/Development/IEDebt/Pages/DebtAndimpactassessments.aspx. The Independent Expert wishes to express his appreciation for all contributions to this process. See A/70/275. 3