International Monetary Fund

Long Term Solutions are Required to Resolve the Latest Sovereign Debt Crisis

As the International Monetary Fund (IMF) and World Bank hold their spring meetings this week, the African Sovereign Debt Justice Network, (AfSDJN), calls on IMF and World Bank Members to add to their agenda for consideration of their Fall Meeting from October 15-17, 2021, long term solutions for Africa’s sovereign debt crisis.

Keynote Address by Denise Namburete Civil Society Forum on African Sovereign Debt ahead of the March 17-21 African Finance, Development and Planning Ministers Meeting

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.

Fifth Sovereign Debt News Update: Kenya, Zimbabwe, Ghana's Debt Crisis in Context

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.

News: 3.18.2021

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.

Introducing the African Sovereign Debt Justice Network (AfSDJN)

A primary objective of the AfSDJN is to undertake research, advocacy, tactics and strategies around the changing nature of debt, globally and in Africa, which threatens economic development, social cohesion and several gains made in building social contracts in recent years. Afronomicslaw.org is grateful to Open Society Initiative for Southern Africa, (OSISA) Economic Justice Program and Open Society Foundation’s African Regional Office.

Hegemony 101 in International Investment Law

It is a special day when open scepticism by some African states towards investor-state dispute settlement (ISDS) is likened to hegemony. This characterization suggests that critical voices, once banished to the outskirts of ongoing discourse tabling reforms to ISDS in particular and to international investment law (IIL) more generally, now occupy the center of action and claim the mantle of thought leaders. But instead of cherishing this potential turning point for international law development by African states, we are urged to deny and disregard the views from Africa.

Staying Claims: Debt Moratoria Beyond the Debt Service Suspension Initiative

We recognise that the current proposal is limited in resolving the longer-term debt burden of developing countries. The stay of enforcement does not introduce any changes in the substantive obligations contracted by the parties. Thus, the standstill will only temporarily suspend the execution and enforcement of eligible financial obligations during the designated period. Meanwhile, interest on the principal will continue to accrue. The proposal is also meant to be used as a ‘shield’ rather than a ‘sword’, i.e. the stay will only be triggered as a defence by the sovereign debtor in the event of a claim against it by a private creditor.