A/HRC/7/9 page 7 15. Given that such minimum standards and core content would be identified as dynamic and country-specific benchmarks, the guidelines would also highlight necessary steps towards the full realization of human rights. It should be noted that meeting the obligations corresponding to minimum standards is not enough to achieve the full realization of economic, social and cultural rights. 16. In this regard, the independent expert also recommends that the draft general guidelines should be used as a basis for developing more operational guidance, which will help States consider concrete criteria for the elaboration of national core content or minimum standards. B. Debt sustainability 17. The concept and definition of debt sustainability play a crucial role in discussions on the effects of foreign debt on human rights. Recognizing an unsustainable debt situation often triggers policy measures such as debt relief and increasing grant proportions in development assistance, which are expected to ensure a larger fiscal space for expenditures directly enhancing living conditions and livelihoods. 18. In 2005, the World Bank and IMF elaborated their improved analytical model on debt sustainability by tailoring it to a more country-specific analysis. Such an improved framework is also aimed at ensuring early detection of the risk of default and excessive debt burden. More specifically, this new analysis involves: (a) A forecast on how a country’s outstanding debt is likely to grow over time in relation to its ability to pay, taking into account the country’s debt management policies and the performance of Government institutions related to debt service; (b) An examination of how the outlook would change if reasonably expected shocks, such as a rise in oil prices, are taken into consideration; (c) situation. A final account, if the result of the above analysis indicates a possibly unsustainable 19. However, the above model still does not go beyond the analysis of financial sustainability, as it concentrates on the analysis of the financial capacity to repay debt. In other words, the model alone falls short of assessing a country’s ability to achieve its poverty reduction goals or meeting human rights obligations while servicing its foreign debt. 20. Many experts consider that debt sustainability assessments conducted by international financial institutions sometimes focus exclusively on the ability to service debt and on the risk of debt default, while considerations on human rights, for which these institutions do not have the necessary expertise, may not have to be integrated in this particular exercise. In that view, the assessment on whether a country has sufficient resources to finance expenditure to maintain minimum human rights standards would require a separate set of analytical tools. However, the existing debt-sustainability analytical framework could help identify the proportion of grant requirements, particularly for official development assistance. If human rights-related needs can be costed, the need for grants could be calculated by subtracting domestic fiscal resources - and