Macroeconomic Stability

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 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 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 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 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.

Mozambique has entered 2026 with a seemingly positive milestone, having fully repaid its outstanding obligations to the International Monetary Fund (IMF) ahead of schedule. This development, which might ordinarily signal improved fiscal health and strengthened macroeconomic stability, instead unfolds against a backdrop of intensifying domestic debt pressures, constrained fiscal space, and growing socio-economic strain. While authorities have framed the early repayment as evidence of sound financial management and renewed credibility, emerging data suggests a more complex and concerning reality. Domestic borrowing has surged, external financing conditions remain tight, and key development projects face increasing uncertainty. Mozambique’s trajectory mirrors a wider trend across African sovereigns, where headline debt milestones often sit alongside intensifying structural vulnerabilities and fiscal strain. Against this backdrop, this update explores the country’s recent full repayment of its IMF obligations in parallel with rising domestic debt pressures and tightening fiscal space.

On November 6 2025, the International Monetary Fund (IMF) reported that it had concluded its mission to Senegal which occurred from October 22 to November 6, 2025. These discussions were geared at advancing discussions initiated during the 2025 Annual Meetings on a new IMF-supported programme and to review progress on corrective measures related to Senegal’s hidden debt. The “hidden debt” in question refers to a debt underreporting incident uncovered in late 2024 from the country’s previous administration. From all indications, this scandal continues to haunt Senegal, which has recently concluded the most recent IMF mission, notably without any new lending agreements. Following this, Senegalese Prime Minister Ousmane Sonko reportedly shunned any proposal to restructure the country’s public debt. He said the measure, supported by the International Monetary Fund (IMF), would be a “disgrace” for the country. This Update will consider Senegal’s current debt landscape and examine its current stance towards arresting its debt challenges.

In conclusion, Zambia's journey toward economic recovery, guided in part by its IMF-supported programme, has been marked by both notable achievements and persistent challenges. The "broadly satisfactory" performance and positive forecasts from institutions like Moody's underscore the country's commitment to fiscal and structural reforms, with important milestones already achieved in debt restructuring and economic stabilization. However, the path forward requires unwavering dedication, particularly in addressing persistent issues such as overdue tax revenues and delayed structural reforms. By maintaining fiscal discipline, especially in the lead-up to the 2026 elections, and continuing to implement the ambitious reforms outlined by the IMF, Zambia can strengthen its economic resilience and transform its cautious optimism into tangible, long-term prosperity. The successful finalization of all debt-restructuring agreements in a transparent manner will be the final and critical step in cementing a stable foundation for sustained inclusive growth.

Electricity market structures come in different shapes and forms. Many have given rise to new players, particularly in power generation. Private participation brings advantages but also challenges to a sector that cannot be looked upon in isolation from the broader macroeconomic perspective. What are those advantages and challenges? How do they play out in Sub-Saharan Africa? Contingent liabilities have become a buzz word around infrastructure project development, but what exactly are they and how concerned should governments be? And most importantly, what can be done to tackle them?

In the tax world, this is significant because businesses react to tax policy. Tax policy, in turn, stimulates the interest of both local and international investors who are the key drivers of economic growth. Therefore, the challenges of the economic downturn will be more glaring and significant for African countries, who have a greater reliance on tax revenue from large taxpayers than more advanced economies.