World Bank

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.

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.

Digital Solidarity in Action: Paving the Way for Collective Resolution of Sovereign Debt Crises

This post seeks to unravel the intricate dimensions of digital solidarity in the face of crises, with an explicit concentration on the predicaments associated with sovereign debt. It argues that digital platforms have great potential to encourage shared responsibility and facilitate collective action to resolve sovereign debt crises. Through the employment of technology to close gaps, smoothen communication, and facilitate collaborative problem-solving, digital solidarity might lay the groundwork for creating internationally endorsed solutions to sovereign debt crises, thus fostering a more robust and inclusive global economic environment. In addition, the post will examine the challenges of digital solidarity in addressing sovereign debt crises. It will examine the underpinnings of international law and policy, exploring how they may influence or shape the notion of digital solidarity and aims to conceptualise effective strategies to mobilise digital solidarity in crisis response and debt resolution. By shedding light on the transformative power of digital solidarity as a practical tool for global economic reform, this post aspires to contribute to a more balanced and resilient global economy. This post argues that harnessing digital solidarity can lead to more equitable solutions to sovereign debt crises.

One Hundred and Second Sovereign Debt News Update: Governance Reforms Risk Posing a Challenge for Zimbabwe’s Arrears Clearance and Debt Resolution Process

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.

One Hundred and First Sovereign Debt News Update: Zambia and its Official Creditor Committee Agree on a Memorandum of Understanding (MoU) on Comprehensive Debt Treatment

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.

Ninety Ninth Sovereign Debt News Update: Kenya Begins Talks with the IMF and World Bank on Repayment of USD$2 Billion Eurobond

It is clear that it would not be feasible for the Kenyan government to rely on the reserves at the central bank to pay off the USD$2 billion Eurobond. At the same time, the financial/debt operations in Kenya do not inspire confidence to investors to pour in money into the economy at present. The AfSDJN urges the Kenyan government to proceed with caution in the discussions with IMF and the World Bank for favourable credit market conditions as access to concessional loans at low interest rates. 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.

AfSDJN Statement: IMF Quota Reforms: Is the appointment of a Third Executive Director for Sub-Saharan Africa a game changer?

The AfSDJN reiterates that at a time when the legitimacy and credibility of the IMF in its relations with African countries is increasingly being called into question, the ongoing quota reform presents an opportunity to right the past wrongs and commit to genuine inclusion and meaningful participation of Africans in the institution. Short of this, African countries will continue to play catch up in a rigged game.

Ninety Third Sovereign Debt News Update: Macron’s Global South Climate Summit: Stepping Up on Private Climate Finance to Climate Vulnerable Countries – What’s the Allure of Private Climate Finance About?

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.

NEWS: 06.07.2023

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.

Ninetieth Sovereign Debt News Update: Transition at the Central Bank of Kenya: To Issue a US Dollar-Denominated Domestic Bond or Not?

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.