While most of the worlds is focused on the Greek debt crisis and its meaning for the character of sovereign debt generally, and the integrity of the Euro zone in particular, a wider conversation is now occurring with respect to sovereign lending. This conversation is grounded in two substantially distinct views of the nature and character of sovereign lending (see, e.g.,
here, and
here). This conversation reflects the still deep divisions among the community of states relating to human rights and the nature of the global economic order (see, e.g.,
here).
Now comes the United Nations Independent Expert on Foreign Debt and Human Rights,
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Juan Pablo Bohoslavsky,
with a statement, most likely read as a provocation in Beijing, about the nature of the emerging role of China as a sovereign lender. This comes on the heels of an earlier report on the nature of the complicity of sovereign lenders in the gross human rights violations of debtor states.
In March 2015 the Independent Expert on the effects of foreign debt on human rights submitted a report to the Human Rights Council (A/HRC/28/59) discussing the issue of financial complicity analysing the impact that lending may have on Governments engaged in gross human rights violations. The report intends to contribute to a better understanding of when financial support may contribute to, or sustain the commission of, large-scale gross human rights violations by sketching a rational choice framework premised on the incentives of authoritarian Governments and private and official lenders. In the report, the Independent Expert reviews the existing empirical evidence of the relationship between sovereign financing, human rights practices and the consolidation of Governments engaged in gross violations of human rights. Finally, the Independent Expert presents some interim conclusions and invites stakeholders to discuss them. The legal and policy implications of financial complicity will be discussed in a future study. (
Press Release here;
-->Report of 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,
-->A/HRC/28/59
22 Dec. 2014;
Read the report here).
That March report appears to serve as a background for the instant press release, and the
Asian Infrastructure Investment Bank appears as a target. The press release “A human rights focus would upgrade China’s international lending” – UN expert on foreign debt follows in English and Chinese.