A/HRC/45/28 49. The Committee on Economic, Social and Cultural Rights also highlighted the crucial importance of international assistance and cooperation in this dire context, a core principle enshrined in the Covenant (E/C.12/2020/1, para. 19). 45 In this regard, the Independent Expert on foreign debt issued a statement on 20 March 2020, calling on international financial institutions to urgently mobilize their financial resources to help countries combating the pandemic.46 The Independent Expert (on the promotion of a democratic and equitable international order) welcomes the prompt and coordinated response of the international community to the COVID-19 pandemic in evidence at the time of writing the present report. In May 2020, the Secretary-General, together with the Prime Ministers of Canada and Jamaica, convened a high-level event on financing for development in the era of COVID-19 and beyond, with a view to advancing concrete solutions to the emergency triggered by the pandemic, including in relation to expanding liquidity in the global economy and addressing debt vulnerabilities for all developing countries requesting support.47 IMF has mobilized $100 billion in emergency financing, and its Executive Board has offered immediate debt service relief to 29 countries under its revamped Catastrophe Containment and Relief Trust.48 The World Bank has committed to providing up to $16 billion in financing over 15 months,49 and the emergency response packages that it and regional development banks have adopted amount to more than $200 billion for emerging and low-income countries. 50 It has announced that its operations will emphasize social protection, poverty alleviation and policy-based financing. 51 The Group of 20 has announced a time-bound suspension of debt service payments for the poorest countries that request forbearance, and has encouraged multilateral development banks to work closely together and with development partners at the country level to ensure consistency, optimize the use of resources, ensure that debt remains sustainable and maximize the development impact.52 50. The Independent Expert is certainly encouraged by these announcements. He stresses the importance of international financial institutions – through the funding that they are providing to States in their COVID-19 response, and as called for by civil society and in line with the aforementioned recommendations of the Committee on Economic, Social and Cultural Rights – ensuring the following: that immediate relief measures are effectively taken by funding beneficiaries in the areas of access to medical care, food, water, adequate housing, education, social protection, decent labour, among other essentials, in an inclusive and equitable manner for the most vulnerable groups; that public institutions are strengthened as a matter of priority to support the social determinants of health; that socioeconomic programmes aimed at tackling rising poverty and inequality are put in place; that the debt profile of beneficiary countries will not be exacerbated by the support provided; and that support during the COVID-19 response and recovery will not result in cutbacks in public expenditure that will be detrimental to the realization of human rights.53 45 46 47 48 49 50 51 52 53 See also OHCHR,”UN expert urges adoption of draft declaration on international solidarity”, 6 May 2020. OHCHR, “An immediate human rights response to counter the COVID-19 and the global recession ahead is an urgent priority”, 20 March 2020. See www.un.org/en/coronavirus/financing-development. See also United Nations, Inter-Agency Task Force on Financing for Development, “Press release: Financing for Sustainable Development Report 2020”, 9 April 2020. IMF, “How the IMF can help countries address the economic impact of coronavirus”, 20 May 2020. World Bank, “How the World Bank Group is helping countries with COVID-19 (coronavirus)”, 11 February 2020, updated on 8 June 2020. Available at www.worldbank.org/en/news/factsheet/2020/02/11/how-the-world-bank-group-is-helping-countrieswith-covid-19-coronavirus. Group of 20, “Communiqué: G20 Finance Ministers and Central Bank Governors Meeting – 15 April 2020 (Virtual)”, April 2020, p. 7. Available at https://g20.org/en/media/Documents/G20_FMCBG_Communiqu%C3%A9_EN%20(2).pdf. World Bank, “How the World Bank Group is helping countries with COVID-19”. Group of 20, “Communiqué”, p. 7. See Coalition for Human Rights in Development, “Statement to development finance institutions regarding COVID-19 response”, 18 May 2020. 13