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Sovereign Debt News Update No. 131: Mozambique’s Sovereign Debt Landscape Post October 2024 Elections

Undoubtedly, this fragile political environment has significant economic implications, including declining investor confidence, disruptions to economic activities, and a worsening fiscal outlook. For ordinary Mozambicans, political instability translates into rising costs of living, limited access to essential services, and growing concerns about economic security. Mozambique's debt situation remains precarious, with the government balancing debt issuance, salary obligations, and governance challenges. While efforts to settle debts and stabilize finances are ongoing, political instability and calls for accountability will be crucial in shaping the country's economic trajectory. The African Sovereign Debt Justice Network (AfSDJN) continues to monitor developments, advocating for the promotion of peace for the creation of a conducive environment for just and transparent debt management processes that prioritize economic justice and sustainable financial governance.

Double Standards in UN Political Bodies: Is Impartiality Possible?

This post examines this challenge for political organs and for international law through both a practical and theoretical lens. The practical side entails a recounting of the brief life of the UN’s International Commission of Human Rights Experts on Ethiopia (ICHREE), a commission of inquiry of the Human Rights Council on which I served in 2022 and 2023. The theoretical side builds on this case study to ask what is realistic and still principled to expect of political bodies in enforcing international law in a way that reduces the prospects of double standards. Drawing on the concept of impartiality and the unavoidability of selectivity, I argue that HRC inquiries should proceed on the basis of the gravity of violations to avoid double standards (which are distinct from selectivity).

Leveraging Technological Advances for Sustainable Development: Re-writing the Racial Codes of Emerging Digital Technologies

Accordingly, this article aims to situate the regulatory challenges that emanate from this divide within the international human rights standards that inform the use and development of emerging digital technologies. Given the necessity for brevity, particular focus will be afforded to two proposals set out in the United Nations Department of Economic and Social Affairs Elements Paper for the outcome document of the Fourth International Conference on Financing for Development (FfD4). Namely, (1) technology transfer and (2) the promotion of equitable access to artificial intelligence (AI), including the development of a regulatory ecosystem that promotes safe, secure, and trustworthy AI systems. The analysis will also briefly address the Zero Draft Outcome Document for the Fourth International Conference on Financing for Development (Zero Draft FfD4) because it acknowledges the transformative potential of technology in achieving the Sustainable Development Goals (SDGs).

How to Strengthen the Proposals on Sovereign Debt Issues in the FfD4 Zero Draft

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.