Sovereign Debt

Although we tried to determine if and how internationally-financed climate action may be worsening Nigeria’s debt crisis, we weren’t able to find data that would lead us to a definitive analysis. It is logical that any borrowing, especially on non-concessional terms, that will not pay for itself through productivity, will contribute to Nigeria’s debt, and in that way, further undermine Nigeria’s ability to take much-needed climate action (or any humanitarian or development objectives).

The African Sovereign Debt Justice Network brings to you an update of African sovereign debt news and updates on events and happenings on and about Africa that reveal how sovereign debt issues are engaged by the various stakeholders.

The African Sovereign Debt Justice Network brings to you an update of African sovereign debt news and updates on events and happenings on and about Africa that reveal how sovereign debt issues are engaged by the various stakeholders.

The African Sovereign Debt Justice Network brings to you an update of African sovereign debt news and updates on events and happenings on and about Africa that reveal how sovereign debt issues are engaged by the various stakeholders.

March 23, 2021

Message to the African Ministers of Finance, Planning and Economic Development

On

Mounting Sovereign Debt of African Countries 23rd March 2021

 

March 22, 2021

I am thankful to the organisers of this Forum for the invitation to speak on African sovereign debt ahead of the African Finance, Development and Planning Ministers Meeting from March 17th to 21st, 2021. As Civil Society Organizations, we are meeting at a crucial time, as African leaders devise strategies to support the continent’s recovery from COVID-19 induced economic devastation.

I am angry but Hopeful.

AfSDJN & FES-Addis Civil Society Forum Focusing on Sovereign Debt Alongside March 2021 AU Ministers of Finance, Planning and Economic Development Conference

January 26, 2021

 

The disclosures on Kenya's sovereign debt indebtedness so far indicate that there could very well be examples of hidden debt - particularly sovereign debt that may not be publicly or dully disclosed particularly to Parliament.  This together with Kenya's increasing indebtedness means that Kenya's Parliament and civil society groups like the African Sovereign Debt Justice Network and OKOA Uchumi must carefully scrutinize as well as the 2021 National Debt Management Strategy Paper and all the accompanying disclosures. Kenya's Parliamentary Budget Office has recently noted that increased interest payments on debt have reduced spending on development and recommended rescheduling of domestic debt.

The Covid19 pandemic has thus far had an unprecedented and devastating social, economic and health impact globally. It has recast the spotlight on debt sustainability, default and sovereign debt restructuring. For African countries, a pertinent question today is—what will be the impact of the pandemic on debt repayment and what are the new debt service initiatives that may be required (including debt relief, restructuring and other measures)?