- Overall context
States borrow externally to implement their economic policies and fund their developmental projects. The relationship between creditor and debtor is generally a complex one, and becomes more complex when debtors are sovereign states, hence enjoying privileges and immunities accorded by international law. There is to date no customary international law governing debts contracted by States. The lack of an international law regime exposes sovereign countries, especially in Africa, to certain risks including for example vulture funds litigation. Accordingly, it is imperative to ensure that current global discussions on external debt (including debt restructurings) adequately address the above risks, which also are of concern to African Countries.
- Work Plan
Our work plan on external debt matters include, among others, reviewing, analyzing and providing an African legal perspective to current global discussions on external debt matters. We look in particular at the following topics:
- International law dimensions of sovereign debt restructuring
- Principles on responsible lending and borrowing