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Mozambique: future target of vulture funds?

Tiago Stichelmans

25 Nov 2016 12:10:15

Once considered an economic recovery miracle, Mozambique is now facing a debt crisis that puts its future in jeopardy. Restructuring its debt in the absence of an international sovereign debt restructuring mechanism will be tricky and vulture funds might use that opportunity to attack the country.  Is the Mozambican economic miracle over? In recent years, many saw Mozambique’s success story with great optimism. Despite the very low human development index of this former Portuguese colony, Mozambique’s economic potential was widely recognised. As with many emerging African economies, the important natural resources of Mozambique suddenly created a surge in investments and exports. In addition to its huge coal reserves, massive gas fields were discovered in the Indian Ocean waters bordering ...
By Bodo Ellmers The long litigation odyssey between the government of Argentina and holdout creditors continues. Debt justice campaigners in Argentina and the USA are enraged about a new ruling by the New York appeals court in favour of the ...
By Jesse Griffiths, Øygunn Sundsbø Brynildsen, Jeroen Kwakkenbos, María José Romero and Bodo Ellmers The European Commission’s recent accountability report and communication on financing for development highlights the importance domestic resource ...

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Brazil’s ‘debt cancellation’ for Africa leaves more questions than it answers

Konstantinos Todoulos

13 Jun 2013 11:07:21

On 25 May Brazil announced the “cancellation or restructuring" of up to $900 million of debt owed by 12 African countries though the details remain extremely unclear, including what this may actually be worth to African countries, and crucially what Brazil expects in return. The debt relief, announced by Brazilian president Dilma Rousseff on the occasion of the 50th Anniversary of the African Union, reflects Brazil’s growing prominence in the global political scene, and the increasing relevance of its relations with African countries. According to news reports, Congo-Brazzaville will be the main beneficiary and will receive $352 million of debt relief, followed by Tanzania with $237 million and Zambia with $113.4 million. The other countries that are included in the initiative are Democratic ...
By Bodo Ellmers As the United Nations moves rapidly towards alternative proposals to sovereign debt work-out, it seems that the International Monetary Fund (IMF) does not want to be sidelined on the issue. A ground-breaking new IMF study that has just ...
IMF recognition that it has dramatically underestimated the impacts of austerity policies strengthened calls for reform of IMF conditionality, and the World Bank’s jobs report undermined its own Doing Business rankings, but the IMF/World Bank annual ...