Ethiopia

The News and Events category publishes the latest News and Events relating to International Economic Law relating to Africa and the Global South. Every week, Afronomicslaw.org receive the News and Events in their e-mail accounts. The News and Events published every week include conferences, major developments in the field of International Economic Law in Africa at the national, sub-regional and regional levels as well as relevant case law. News and Events with a Global South focus are also often included.

This post examines this challenge for political organs and for international law through both a practical and theoretical lens. The practical side entails a recounting of the brief life of the UN’s International Commission of Human Rights Experts on Ethiopia (ICHREE), a commission of inquiry of the Human Rights Council on which I served in 2022 and 2023. The theoretical side builds on this case study to ask what is realistic and still principled to expect of political bodies in enforcing international law in a way that reduces the prospects of double standards. Drawing on the concept of impartiality and the unavoidability of selectivity, I argue that HRC inquiries should proceed on the basis of the gravity of violations to avoid double standards (which are distinct from selectivity).

The essay also emphasizes the importance of leveraging regional initiatives. These initiatives provide a complementary layer to global frameworks by fostering context-specific solutions, enhancing coordination among member states, and facilitating the exchange of best practices. For instance, regional bodies could play an essential role in mediating disputes between creditors and debtors and advocating for equitable treatment of African nations in multilateral debt restructuring forums. The Convention would cure this by institutionalizing capacity-building programs through regional debt advisory centers equips nations with the tools to circumnavigate complex debt negotiations.

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."

The African Sovereign Debt Justice Network, (AfSDJN), is a coalition of citizens, scholars, civil society actors and church groups committed to exposing the adverse impact of unsustainable levels of African sovereign debt on the lives of ordinary citizens. Convened by Afronomicslaw.org with the support of Open Society for Southern Africa, (OSISA), the AfSDJN's activities are tailored around addressing the threats that sovereign debt poses for economic development, social cohesion and human rights in Africa. It advocates for debt cancellation, rescheduling and restructuring as well as increasing the accountability and responsibility of lenders and African governments about how sovereign debt is procured, spent and repaid. Focusing in particular on Kenya, Zambia, Zimbabwe, Mozambique, Nigeria and Senegal, the AfSDJN will also amplify African voices and decolonize narratives on African sovereign debt . Its activities include producing research outputs to enhance the network’s advocacy interventions. It also seeks to create awareness on and elevate the priority given to sovereign debt and other economic justice issues on the African continent and beyond throughout 2021.

The News and Events published every week include conferences, major developments in the field of International Economic Law in Africa at the national, sub-regional and regional levels as well as relevant case law.

The News and Events published every week include conferences, major developments in the field of International Economic Law in Africa at the national, sub-regional and regional levels as well as relevant case law.

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.

This article describes how arbitration and conciliation were treated in the old laws, and briefly outlines the new arbitration and conciliation proclamation by highlighting the unique provisions and in doing so contrasts and compares them to the old laws.