By 2024, many of Africa’s debt-distressed sovereigns will have successfully restructured their most unaffordable loans

LONDON, United Kingdom, April 25, 2023/APO Group/ — 

PANGEA-RISK (www.PANGEA-RISK.com) jointly published a white paper on THE POLITICS OF AFRICAN DEBT RESTRUCTURING, with Acre Impact Capital, on the need to prepare Africa’s distressed sovereigns for a new wave of sustainability capital.

Debt transparency, sound fiscal and monetary governance, and candid bilateral relations with creditors are the primary political indicators of effective debt treatments

The report finds that by 2024, many of Africa’s debt-distressed sovereigns will have successfully restructured their most unaffordable loans, whether domestic or external obligations, placing these countries in much better stead to attract private investment, in particular from sustainability-focused and impact investors to address the USD 100 billion annual infrastructure financing gap.

This forecast differs from the often-prohibitive credit ratings imposed on many distressed sovereigns, which restricts climate financing activities and other development funding in these countries.

Debt transparency, sound fiscal and monetary governance, and candid bilateral relations with creditors are the primary political indicators of effective debt treatments, even while multilateral debt relief initiatives, such as the G-20’s Common Framework, flounder. By the end of 2023, heavily indebted African states like Kenya and Ghana, should have implemented successful debt restructurings through extended maturities on foreign currency obligations, domestic loan swaps in exchange for concessional finance, and limited haircuts for some bondholders.

Chinese creditors and international bond holders are most exposed to defaults, while the shock of debt restructurings for local banks and domestic bondholders will often be cushioned. In well-managed debt treatments, concessional and private sector creditors will be least exposed to arbitrary haircuts and other losses, which will enhance sovereigns’ creditworthiness and improve their position to attract record flows of climate finance and other impact investment in coming years. For the full report, see https://apo-opa.info/3L3Qmco. 

Distributed by APO Group on behalf of PANGEA-RISK.

President El-Sisi was updated on the comprehensive development of the litigation system and efforts made to enhance the performance of courts across Egypt

CAIRO, Egypt, November 17, 2022/APO Group/ — 

Today, President Abdel Fattah El-Sisi met with Minister of Justice Counselor Omar Marwan.

The Spokesman for the Egyptian Presidency stated that the meeting discussed the efforts made by the Ministry of Justice regarding the comprehensive development of the State’s litigation system and the speedy disposition of cases.

The meeting discussed the efforts of developing the Real Estate Registration Authority

President El-Sisi was updated on the comprehensive development of the litigation system and efforts made to enhance the performance of courts across Egypt to help reduce case backlogs, particularly family court cases. About 309,000 family court cases have been tried before 2021, only 100 of which are currently pending in courts. The President also expressed his appreciation for the efforts made by the judges to complete cases.

Counselor Marwan also reviewed the work of the Supreme Committee for Legislative Reform, which lasted for two years, to issue a national legislative database. This database classifies laws, presidential decrees, cabinet decisions, as well as international agreements. As a result of these efforts, the State’s laws have become 618 laws of the total of 17049 and international agreements have become 1997 of the total of 4366, with a flexible framework allowing immediate amendments when a legislation is passed or repealed.

The Minister of Justice briefed the President on the most prominent axes in the development process of the litigation system, particularly the efforts made to raise the efficiency of the courts’ headquarters and buildings in all governorates. President El-Sisi directed that these efforts be kept under close review and the development of Galaa Courts Complex be expeditiously completed. He also directed that an engineering committee be formed to inspect Bab Al-Khalq Court, a historical building, and prepare a report on its condition. Furthermore, President El-Sisi directed that the Ministry of Justice and the Ministry of Communications and IT cooperate to rapidly automate courts of first instance and courts of appeal.

President El-Sisi also followed-up on the efforts made by the Ministry of Justice to prepare a group of experts from the Ministry of Awqaf, Al-Azhar and Dar al-Iftaa to seek their help in cases of defamation of religions. They will also be legally qualified to identify the elements and circumstances of the crime.

The meeting discussed the efforts of developing the Real Estate Registration Authority. The President confirmed the need to continue opening new branches providing documentation services with night shifts to meet the needs of all citizens across Egypt.

Distributed by APO Group on behalf of The Presidency, The Arab Republic of Egypt.

Sri Lanka has been severely impacted by a weakening economy which has resulted in shortages of essential items, including food, and a spike in food prices, hindering families’ access to affordable, healthy meals.

COLOMBO – The Government of Japan today announced a USD 1.5million (LKR 600 million) funding to help the Government of Sri Lanka respond to the ongoing economic crisis. The funds will be used by the United Nations World Food Programme (WFP) to provide food assistance to children and families in need of support.

Charge d’ Affaires ad interim of Japan to Sri Lanka Mr. KATSUKI Kotaro said, “We are pleased to announce that the Government of Japan will grant USD 1.5 million emergency assistance through WFP to provide three months’ essential food supplies, including fortified rice, dhal and oil, for approximately 15,000 urban and rural people and 380,000 school children across the island. Japan has been extending vital protein to children through the provision of canned fish made in Japan worth a total of USD 10 million as school meal programmes over the past 10 years. We hope that this humanitarian assistance will help improve food access and nutrition for the people of Sri Lanka amidst the economic crisis.”

Weakening Economy

Sri Lanka has been severely impacted by a weakening economy which has resulted in shortages of essential items, including food, and a spike in food prices, hindering families’ access to affordable, healthy meals. Even before the pandemic, malnutrition rates were high among children and women. Some 40 percent of primary-age children were too thin for their height.

WFP will use the contribution to procure rice for the national school meal programme to ensure children can continue receiving a significant portion of their daily energy and nutrition requirement through the free school meals. It will also enable WFP to distribute ration packs comprising essential commodities to vulnerable households.

“Getting the right nutrition to those who need it the most will help mitigate the long-term effects of today’s economic downturn,” says Abdur Rahim Siddiqui, WFP Representative and Country Director in Sri Lanka. “WFP is very grateful for Japan’s contribution at this critical hour. We thank Japan for its generosity and solidarity with the people of Sri Lanka. WFP will support the Sri Lankan Government with emergency food assistance based on assessments that identify the most pressing needs.”