Stand-Alone Posts

Category

Digital Solidarity in the Sharing Economy

Digital solidarity and the sharing economy may seem like natural companions. To be sure, the sharing economy with its melding of community and commerce has the potential to be a key contributor to digital solidarity in developing economies. Both concepts revolve around the idea of collaboration, sharing resources and funds, community-building, the network effect, increasing trust between strangers, and the leveraging of digital technologies for the greater good. In this blog post, we consider how the sharing economy can contribute to digital solidarity in a developing economy; the barriers to the sharing economy doing so; and if unchecked how it can distort an economy. On that basis, we seek to propose a tentative legal policy for developing economies.

One Hundred and Fifth Sovereign Debt News Update: Ethiopia Agrees on Bilateral Debt-Service Suspension and Seeks Eurobond Restructuring

Amidst all this, Ethiopia's reputation with foreign credit agencies continues to suffer as a result of the national treasury's declining foreign exchange reserves. The downgrade of Ethiopia's long-term foreign-currency issuer default rating to “CC” from “CCC-” by Fitch Ratings has brought attention to this financial vulnerability. With Ethiopia's external cash dwindling and major gaps in external funding, Fitch downgraded the country, raising the possibility that default is imminent. The Fitch assessment states that although China has offered to postpone Ethiopia's debt service obligations for a year, it anticipates that these bilateral negotiations will not be "sufficient to address the large financial gaps and improve debt sustainability."

One Hundred and Fourth Sovereign Debt News Update: Zambia Announces that its Debt Restructuring with Eurobond Creditors Cannot be implemented at this time

The AfSDJN notes that Zambia’s experience continues to prove the case for a new comprehensive, fair and effective sovereign debt restructuring mechanism based in the United Nations that would be binding on all creditors, including commercial creditors, and that would make it difficult for hold-out creditors to prevent sovereign debt workouts.

The 10th anniversary of China’s $1tn Belt and Road Initiative and its Impact on Africa

While China has achieved its primary objective of expanding its global influence, the resultant economic viability and heavy debt burden remain questionable. As the Belt and Road Initiative begins its second decade, the AfSDJN calls on African governments to reflect objectively on the impact and trends of Chinese foreign financing on their economies in the past decade, and advocate for a cautious Belt & Road era as the initiative continues.

One Hundred and Third Sovereign Debt News Update: Malawi gets Approval on US$174m Extended Credit Facility from the International Monetary Fund (IMF)

Against the background of the highlighted liquidity injections, the Malawian government needs to be wary of the funds that are being continuously extended to them in the name of “foreign direct investments”. While it is anticipated that these financial facilities “will greatly enhance our foreign exchange reserves position and provide the macroeconomic stability needed for economic and business growth”, the AfSDJN cautions against liquidity injections that are accompanied by conditionalities that have not been made public. It is imperative that these conditionalities be explicitly defined, and that the terms and conditions be made accessible to the public.

Dismantling Epistemic Violence and Eurocentrism in the Teaching and Research of International Law in the Global South: A Reflection

One of the sites where the legacies of colonialism continue to be perpetuated in the Global South is the law classroom. In the teaching and research of international law, ‘mainstream’ narratives of international law are privileged as the Subject, and critical international law scholarship is treated as the Other.

Statement of the African Sovereign Debt Justice Network (AfSDJN) on the Occasion of the 28th Meeting of the Conference of Parties to the United Nations Framework Convention on Climate Change (COP28)

Africa is grappling with a great number inequities in the climate change context. For example, despite having contributed the least to climate change globally (less than 4% of global carbon emissions), it is home to most of the world’s most climate vulnerable countries and yet it is struggling to mobilize the financial resources required to address climate change. The situation is more dire for fragile and conflict affected States. The average annual climate flows of USD 30 billion are far below the annual climate finance needs of USD 250 billion. Commitments made by developed countries to pledge USD 100 billion annually between 2011 and 2020, in line with their financial obligations under the international climate legal regime, were not met in any single year.

The $11 Billion Dollar Question in The Federal Republic of Nigeria v. Process & Industrial Development: A Cultural Analysis

“You want to tell us you don’t want to sow, you want to reap” asked the Nigerian appointed arbitrator, Chief Bayo OJO, during oral argument in the arbitration proceedings, to which Nigerian counsel, Chief Ayorinde, responded: “You cannot reap where you do not sow. That is a very Nigerian saying.” (Nigeria v. Process & Industrial Development, para. 360). The Chair of the Tribunal, Lord Hoffmann, then intervened with his own cultural reference and said: “There is a passage in I think it is Shakespeare’s Henry VI where one of the rebels says: ‘Isn’t it terrible that people should be able to get into such trouble just by signing a document? Let’s kill all the lawyers.’” (Nigeria v. Process & Industrial Development, para. 360). Perhaps, underneath all the arbitral extravagance and incalculable network of disturbing corruption lurks a least appreciated cultural milieu worth $11 billion dollars.