In mid-February, the World Bank issued a warning: Many low-income countries hit hardest by the pandemic are now on the brink of serious debt crisis, complicating the global economic recovery from the COVID-19 pandemic. While worries about the accumulated burden of sovereign debt and the possibility of a debt crisis have been present for years, the pandemic has exacerbated an already precarious situation for many low-income countries, revealing fundamental flaws in the current architecture for sovereign debt restructuring. These flaws are likely to become more evident in 2022, as Russia’s invasion of Ukraine contributes to higher global energy and food prices, [...]
The war in Ukraine might be distant from the African continent, but its effects are proving to be far-reaching. From skyrocketing fuel prices to disruptions in food supply chains, Africans are feeling the real-life consequences of a conflict many of them regard as peripheral to their concerns and believe has little to do with them. But in addition to exacerbating the myriad difficulties African populations are grappling with, the war is also threatening to hobble the international collaborations their governments are trying to develop to address those challenges. That dynamic was on display at last week’s eighth annual high-level dialogue between the [...]
On the night of the Russian invasion of Ukraine, South African Defense Minister Thandi Modise attended a reception at the Russian Embassy in Pretoria, held in honor of the Russian armed forces. Four days later, officials from the ruling African National Congress, or ANC, celebrated 30 years of Russian-South African friendship over drinks at a reception held at the Russian consulate in Cape Town. Though both episodes are shocking, neither should come as a surprise. South Africa’s foreign policy has been on a long, downward ethical trajectory since the Mandela era, when the promotion of democracy and human rights were [...]
