HRC58 - Iceland statement - Adoption of A/HRC/58/L.14: Effects of foreign debt
Human Rights Council – 58th session
General Comment on draft resolution L.14
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
Statement by Iceland
3 April 2025
Mr. President,
The growing debt burden across the world and its negative effect on the implementation of SDGs and the realization of human rights is a cause for concern.
We recognize that economic and financial crisis can negatively impact development. However, such circumstances should not be used by any State as an excuse not to respect and protect the human rights of its citizens.
Mr. President,
The UN has adopted various tools and initiatives to support sovereign debt restructuring, including the basic principles adopted by the General Assembly in 2015. Such efforts should not only be sustainable from a macroeconomic perspective but should also promote sustained and inclusive economic growth and sustainable development while minimizing economic and social costs. Finally, any such measures must respect human rights.
We appreciate Cuba’s constructive cooperation during the informal consultations. However, we need to register our reservations on the topic, as Iceland believes that the Human Rights Council is not the appropriate forum to deal with debt sustainability. We will support continued dialogue on this topic, but within the appropriate forum.
For this reason, Iceland will abstain in the vote on the resolution.
I thank you.