World Bank

Sovereign Debt and the COVID-19 Pandemic

The COVID-19 crisis is likely to make countries in the global south accumulate more debt in a global economic environment where repayment of current debt will be difficult. The speech by Thomas Sankara on the morality of debt repayment asks us very difficult questions which humanity must collectively confront if debt crises are to become relics of past economics. The collective inability by the global south to assert itself on negotiating tables and to recreate itself in the aftermath of various global crises has been a sad misuse of crises.

Global South International Financial Institutions and COVID-19 Response: Utilising Innovative Financing Solutions now and after the Pandemic

Financial institutions should focus on the positive opportunities and learning experiences from this pandemic and plan how they will help their member states adjust to the effects of COVID-19 and attain sustainable development thereafter. This step will be in line with the World Bank’s advice on planning for the economic recovery from COVID-19, in the bid for nations to restart their economic engines and build back stronger and better in the short term and longer term.

African Sovereign Debt at a time of Pandemic: Legal justifications for suspension or cancellation

The African Union Commission estimated that Africa’s gross domestic product (GDP) could shrink by up to 4.51 percent, resulting in the loss of 20 million jobs. The looming debt crisis further complicates the pandemic-induced economic shock, severely limiting governments' ability to repay their foreign loans and address the current crisis. From 2010 to 2018, the average public debt in sub-Saharan Africa increased by 40%-59% of GDP, making it the continent with the fastest-growing debt accumulation toward sovereign, private and multilateral lenders.

Proposed Solutions for Sub-Saharan Africa for Food and Agriculture in the Context of COVID-19

The shortcomings of the current legal and policy framework does not mean that responses to COVID19 should be lacking. Instead, there is adequate room for responses as we learn lessons and take notes to do better. The best way to move policy and law is to ensure that it is constantly reviewed to make sure they serve their purpose.

COVID-19 in Africa: A time for Despair or an Opportunity to Change the Direction of Travel?

The tragedy of the COVID-19 crisis has laid bare the frailties of African economies. COVID-19 has taught us, in the harshest way possible, that we are only as strong as the most vulnerable among us. This has compelled African leaders to recognize that regional cooperation is at the crux of the solution to the COVID-19 crisis. Hopefully, this positive momentum towards regional cooperation will extend to tackling the broader welfare issues challenging African societies.

Overview of the Regulatory Framework for Secured Transaction in Movable Assets

Medium, small and micro enterprises (MSMEs) play a significant role in the building and sustenance of a nation's economy. Small and medium scale enterprises constitute about 80% of Nigerian businesses and therefore are very crucial to the Nigerian economy. However, MSMEs mostly depend on credit facilities to build and sustain their companies but have little of immovable assets to offer as security. Another challenge of MSMEs is poor management and governance, which also is a credit risk.

Assessing the Relationship between the Nigerian Companies Act and Corporate Social Responsibility in Nigeria

The current attention to sustainability challenges in Nigeria presents a good opportunity for policy makers to review the extant company legislation in Nigeria and incorporate CSR provisions suitable to the nation’s cultural and economic context. The aim of CSR regulation is to use the market economy to finance and achieve sustainable development. The purpose of the company should be redefined to serve all the constituents, not only the community, but also employees, customers and investors.

Reforming Private International Law in African Countries: Looking Inward and Outward

This post argues for greater collaboration between African countries and the Conference to ensure the continuing development of private international law on the continent, especially in fields of commercial significance. There are a number of important subject areas such as the enforcement of judgements, choice of law and jurisdiction agreements for which domestic reforms could be inspired by some of the Conference’s work.

Fostering Effective Public Participation when Navigating Infrastructure Projects

Although recognised in the constitution since 1988, town planning has remained dogged by institutional and organisational failures, which in combination with a lack of commitment at federal and state levels to the funding of coherent and integrated development planning policy has, of necessity, led to greater reliance upon external resources (Ramon, 2017). Hence funding infrastructure development, in the given context presents difficulty as in many jurisdictions, whether developed or developing, given the multiple claims for funding that governments find they have to resource.