International Financial Institutions

To better address the recurrent sovereign debt crisis many developing countries are facing, the proposals contained in the FfD4 Zero Draft need to be strengthened. This is because proposals to address the debt crisis must recognize that is not an aberration but rather an integral feature of the global financial and debt architecture. The Zero Draft needs to abandon the assumption that the primary reason for this indebtedness is that developing countries have overborrowed. Instead, the proposals in the Zero Draft need to take into account that the debt crisis is symptomatic of deeper structural features and weaknesses both of the global financial and debt architecture as well as of the economies of these indebted countries.

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.

Therefore, it is important to analyse the impact of these International Financial Institutions in the development of African countries which they operate in. It is also necessary to assess their accountability mechanisms and legal personalities in line with International Law, the United Nations Principles for Responsible Investment and the United Nations Guiding Principles on Human Rights Impact Assessments of Economic Reforms. This is because their regulation and compliance with International Standards and International Law is an important and contemporary area which would inform their effectiveness and their contribution to sustainable development while considering the UN 2030 Agenda and 2063 Agenda for Africa.

Join us for a roundtable discussion on the unique status of international financial institutions (IFIs) in international law. This conversation will focus on whether, in international legal terms, international financial institutions (IFIs) should be treated like any other international organization or if their specialized mission necessitates granting them a special status. It will assess the validity of the IFIs concerns that the Articles on Responsibility of International Organisations (ARIO) are not easily applied to their operations and what changes may be needed to address these concerns.

This edited collection of 24 Africa experts with diverse academic and practice focused backgrounds is divided into 5 parts and 24 chapters. The focus of the book is to establish African Union (AU) law as a focal point for the development of African countries. It provides a rich vein of scholarly literature which might not always be apparent to international researchers and practitioners. The ambition is to use regional integration law as a springboard for legal and socio-economic growth by avoiding national law failures that have undermined the development of the African continent.

The overarching ambition of the book is to advance the conversation on the norm generating aspects of the work of the AU, its organs and its institutions. The broad proposition presented collectively by the contributions is that the AU has become a standards generating regional institution, and that this capacity is rapidly evolving.

Much has been written about how international law generally, and international economic law more specifically, have enabled, facilitated and contributed to the continued racial ordering, discrimination, exploitation, and treatment of people on the move as ‘surplus’ population. The current COVID-19 pandemic, if anything, has laid bare how current economic structures entrench precarity and inequality, in a world in which borders may be seamless for goods and services, yet fortress-like and unwelcoming for those fleeing persecution, climate breakdown, armed conflict or abject poverty.

COP26 ended with a palpable sense of despair as industrialised states failed once again to deliver on long-standing commitments to finance adaptation and mitigation efforts in the Global South. As attempts to reach accord floundered, private capital materialised as the most likely source of this vital funding. Whilst their dire situation may leave post-colonial states with no option but to accept this investment, its continued entrenchment in the economies and polities of the Global South can only serve to perpetuate the centuries-long cycle of subordination, dependence, and debt.

The Afronomicslaw.org Academic Forum invites you to join their next guest lecture series.

The Afronomicslaw.org Academic Forum invites you to join their next guest lecture series.