Sovereign debt and human rights

Over the last two decades the international community has made numerous political commitments to address the debt crisis of developing countries and implemented a number of schemes to address it. Nevertheless, these have either not been fully translated into action or have failed to deliver an equitable and lasting solution to the debt problem. The debt crisis continues to constrain the development prospects of many low- and middle-income countries and to undermine the capacity of poor countries to create the conditions for the realization of human rights, particularly economic, social and cultural rights and the right to development. Empirical evidence indicates that in many of the poorest countries debt repayment is often carried out at the expense of basic human rights, including the rights to food, health, education, adequate housing and work. In addition, debt servicing and harmful conditions linked to loans and debt relief often limit investment in and undermine the provision of accessible public services.

Related Subject(s): Economic and Social Development