rates are low, which means lower borrowing cost for government. Second, the current account has been in surplus since 2003 and the country's foreign exchange reserves has been rapidly growing, reducing the risk of a devaluation due to deficit spending. Third, inflation has been subdued, except for spikes in food and fuel prices due to external factors. A rights-based perspective emphasizes that such deficit spending should support the realization of human rights in the short and long run. New source of revenues. The country's huge and rapidly growing foreign exchange reserves represent foregone resources that could be used to advance human rights. From $1 15 billion in 2000, gross international reserves (GlR) ballooned to $82 billion as of September 2012. The reserves come mainly from remittances of overseas workers. The case for investing foreign exchange reserves rests on two grounds: First, remittances unlike portfolio capital and foreign investments do not create liabilities that eventually result in future capital outflows. Second, remittances have proved to be resilient in the face of global economic turmoil. Our estimates show that foregone fiscal revenues from actively managing foreign exchange reserves amount to about 1o/" of GDP annually. Foregone economic returns from investing these resources in developmental projects are as high as 3o/o ol GDP annually. Financing forms. A final consideration in determining maximum available resources is that different rights call for difierent form of financing and institutional arrangement. ln many cases, policymakers must choose between several financing options with implications on budgetary requirements and even access to the goods and services provided. Take the right to the highest attainable standard of health. The government may comply with its obligation through direct provision of health services or through universal health insurance, each of which have different budgetary and institutional requirements. This suggests the need to consider alternative forms of financing and their implications on human rights, as well as to examine pubtic institutions outside of the national government in terms of their human rights obligations. HRBA and Public Accountability Public accountability requires all public officials, enterprises and agencies, who are entrusted with public financial resources, to answer to the people for fiscal policies and the consequences thereof, and the performance of human rights obligations. lt requires fiscal policymakers and implementers to: act responsibly at alltimes; treat everyone fairly and without discrimination; pay special attention to those who may be disadvantaged, or adversely affected, by fiscal policy and actions; avoid arbitrariness; recognize and address structural and other issues that could inhibit accountability; include fair, accessible and formal accountability mechanisms; manage public finances to protect people's interests and realize their human rights; recognize their role as stewards of public money and therefore use financial resources wisely and mobilize financial resources judiciously; provide accurate, complete and timely information on revenues, expenditures and all other public transactions and their repercussions on the enjoyment or non-enjoyment of human rights; demonstrate for whom public money is spent and justify every spending activity in terms of positive and negative consequences on the realization of human rights; timely publish independent audit findings in the language understood by the people; and achieve the objectives of human rights by complying with human rights obligations responsibly, efficiently, ethically and professionally. Public officials may be held accountable for their compliance, or non-compliance, with human rights obligations.