The thesis of this paper is a very simple one. Mozambique should not repay the loans which three of its state-owned enterprises took out in 2013-2014 in the context of a gigantic scheme of corruption. I will provide two types of reasons for this conclusion. The first type is rather legal and straightforward. Debts incurred due to corruption and in violation of the constitution do not need to be repaid. The second type is of a more contextual character. While the loans in question are void as a matter of law, they reveal certain characteristic traits of our current worldwide financial system, which I believe must be changed. An oversupply of liquidity in capital-rich countries may have devastating effects for capital-importing, developing countries. Not the interest of creditors, but the needs of borrowers should determine sovereign lending. The current legal order governing sovereign debts needs to be adjusted to this end.
Chap. I: The law and political economy of Mozambique's odious debt (Matthias Goldmann); Chap. II: How to avoid the repetition of "odious" debts? (Tirivangani Mutazu); Chap. III: Hidden debts - A black swan that stung chicks? Challenges on fiscal risk management with subverted institutions (Por Roberto J. Tibana).
In Africa's Odious Debts, Boyce and Ndikumana reveal the shocking fact that, contrary to the popular perception of Africa being a drain on the financial resources of the West, the continent is actually a net creditor to the rest of the world. The extent of capital flight from sub-Saharan Africa is remarkable: more than $700 billion in the past four decades. But Africa's foreign assets remain private and hidden, while its foreign debts are public, owed by the people of Africa through their governments. Léonce Ndikumana and James K. Boyce reveal the intimate links between foreign loans and capital flight. Of the money borrowed by African governments in recent decades, more than half departed in the same year, with a significant portion of it winding up in private accounts at the very banks that provided the loans in the first place. Meanwhile, debt-service payments continue to drain scarce resources from Africa, cutting into funds available for public health and other needs. Controversially, the authors argue that African governments should repudiate these 'odious debts' from which their people derived no benefit, and that the international community should assist in this effort. A vital book for anyone interested in Africa, its future and its relationship with the West.
This multi-disciplinary publication focuses on the issue of African sovereign debt management and renegotiation/ restructuring, with a particular concentration on the countries that are members of the Southern Africa Development Community (SADC). It contains a series of essays that were initially presented in several workshops held at the height of the pandemic, in 2020. These essays seek to both understand the debt challenges facing these countries and to offer some policy-oriented suggestions on how they can more effectively address these. They include contributions by global and regional scholars who are seasoned experts and newer researchers and discuss the complexities on debt management and restructuring within the context of the global COVID-19 pandemic. In particular, this presented an opportunity for junior researchers from the region to contribute to international discussions on a topic in which the views of young Africans are not heard as often or as clearly as they should be, especially given the importance of the topic to Africa and its future. Further, this book is expected to stimulate debate among academics, activists, policy makers and practitioners on how SADC should manage its debt.
The Cambridge Companion to International Organizations Law illuminates, from a legal perspective, what international organizations are, what makes them 'tick' and how they affect the world around them. It critically discusses such classic issues as the concept of international organization and membership, as well as questions of internal relations, accountability and how they make law, set standards and otherwise affect both their member states and the world around them. The volume further discusses the role of international organizations in particular policy domains, zooming in on domains which are not often discussed through international organizations, including disarmament, energy, food security and health. Eventually, a picture emerges of international organizations as complex phenomena engaging in all sorts of activities and relationships, the operation and authority of which is underpinned by the rules and regulations of international law.
Mozambique, a significant recipient of U.S. development assistance, achieved rapid growth following a post-independence civil war (1977-1992), but faces a range of political, economic, and security challenges including unmet development needs, a range of governance shortcomings, organized crime, an ongoing economic slump, and political conflict and violence involving both mainstream political actors and violent extremists. Between 2013 and 2016, the country experienced political violence arising from a dispute between the former socialist majority party, FRELIMO, and the leading opposition political party, RENAMO. (The latter is a former armed rebel group that fought the FRELIMO government during the civil war.) Their recent dispute, prompted by years of varied RENAMO grievances linked to FRELIMO's control of the state, led to numerous armed clashes between government and RENAMO forces. In 2018, the two parties negotiated political and military accords to end their dispute, but they have yet to fully implement those agreements, and the potential for failure remains. Since late 2017, Mozambique also has faced attacks by the violent Islamist extremist group Al Sunnah wa Jama'ah (ASWJ). The country faces a post-2015 slump in economic growth. While previous growth expanded the economy and contributed to a decline in extreme poverty, the majority of Mozambicans have remained poor, and while some socioeconomic indicators have improved, the country faces a range of persistent socioeconomic challenges. Development gains have remained limited despite large inflows of foreign assistance and foreign direct investment (FDI). Much of this FDI has financed large industrial projects, many of which have been criticized for being poorly integrated with the broader domestic economy-in which the informal sector and small-scale economic activity prevail-and for generating relatively few jobs or broad reductions in poverty. Mozambique's future may be transformed by the development of large natural gas reserves, discovered in the county's north in 2010. Gas exports are expected to begin in the early to mid-2020s and, together with rising exports of coal, to spur rapid economic growth. The U.S.-based firms Anadarko and ExxonMobil, the latter in partnership with Italy's ENI energy firm, lead international oil company consortia developing the reserves, although a merger involving Anadarko is likely to result in the sale of its Mozambique assets to France's Total SA. While the state may face challenges in effectively governing and managing the large anticipated influx of gas revenue, it has taken some steps to address such challenges. The government plans to establish a sovereign wealth fund to preserve gas income, which it intends to allocate, in part, to infrastructure development, poverty reduction, and economic diversification. U.S.-Mozambican ties are cordial and historically have centered on development cooperation. U.S. assistance, funded at an annual average of $452 million between FY2016 and FY2018, has focused primarily on health programs. Given recent events, U.S. engagement and aid may increasingly focus on the development of economic ties and security cooperation, notably to counter ASWJ, which is active in the area where large-scale gas processing development is underway. For many years, Mozambique received relatively limited congressional attention, but interest in the country may be growing; the country hosted congressional delegations in 2016 and 2018. U.S. humanitarian responses to the recent cyclones have also drawn congressional engagement. Developments in the country-including the rise of violent extremism and prospects for U.S. private sector investment and U.S. bilateral aid program outcomes in a context in which state corruption poses substantial challenges-could attract increasing congressional attention in the coming years.
Imperialism and the Political Economy of Global South’s Debt recognises the systemic nature of the Global South’s external debt, revealed only further by the economic uncertainty of the Covid-19 pandemic, as well as the need to analyse it in relation to existing imperialist structures.
Corporate success has been changed by the importance of new developments in Business Analytics (BA) and furthermore by the support of computational intelligence- based techniques. This book opens a new avenues in these subjects, identifies key developments and opportunities. The book will be of interest for students, researchers and professionals to identify innovative ways delivered by Business Analytics based on computational intelligence solutions. They help elicit information, handle knowledge and support decision-making for more informed and reliable decisions even under high uncertainty environments.Computational Intelligence for Business Analytics has collected the latest technological innovations in the field of BA to improve business models related to Group Decision-Making, Forecasting, Risk Management, Knowledge Discovery, Data Breach Detection, Social Well-Being, among other key topics related to this field.
