Debt Cancellation

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.

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.

Between 2013 and 2016, three Mozambican government-controlled enterprises discreetly borrowed $2 billion from major international banks to buy a tuna-fishing fleet and surveillance vessels. Mozambique’s then finance minister, Manuel Chang, signed guarantees that the government would repay the loans, which were critical reassurance to lenders who would otherwise have avoided the brand-new enterprises. The companies defaulted on the loans, leaving Mozambique with a $2 billion debt, about 12% of the nation’s gross domestic product at the time. A country that the World Bank had designated one of the world’s 10 fastest-growing economies for two decades was abruptly plunged into financial upheaval. The scandal was only uncovered in 2016 after Mozambique defaulted on these hidden debts, prompting the International Monetary Fund and international donors to halt funding and plunging the country into an economic crisis. The case of the Republic of Mozambique v. Credit Suisse International and others [2024] dated July 29, 2024 and heard in the High Court of England and Wales (Commercial Court) has reinvigorated the prospect of pursuing justice in foreign courts, especially in cases involving complex international financial misconduct and irresponsible lending practices.

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.

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.

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.

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.

There is a correlation between climate change, climate finance, and unsustainable debt levels in Africa. In this African Sovereign Debt Justice Network (AfSDJN) Brief, we highlight this connection focusing on eight countries in debt distress currently (Chad, The Republic of Congo, Mozambique, Sao Tome and Principe, Somalia, Sudan, Zambia, and Zimbabwe) and one highly indebted country (Ethiopia) in sub-Saharan Africa. These countries (referred to here as Debt and Climate Vulnerable (DCV) countries) are also some of the most climate vulnerable countries despite having some of the least carbon footprints.

November 7, 2022

Nigeria has stated its intention to complete ongoing rail projects across the country with multi-billion-dollar loans from financial institutions based in China, Portugal, and Turkey.

A Flurry of African Sovereign Debt News brings to you regular updates on events and happenings in Africa that reveal how sovereign debt issues are engaged by the various stakeholders.