A coalition of influential figures, including Grieve Chelwa, Associate Professor of Political Economy at The Africa Institute, Global Studies University, Sharjah is urging New York to pass the Sovereign Debt Stability Act. This legislation aims to alleviate the burden of unsustainable debt on low- and middle-income countries by reforming debt restructuring processes.
“I am proud to join 65 leaders, including former British Prime Minister Gordon Brown, head of UNAIDS Winnie Byanyima, actor Mark Ruffalo and former presidents and prime ministers in signing this letter urging the state of New York to pass the Sovereign Debt Stability Act. A big chunk of sovereign debt, including Zambia’s, is governed by New York Law and the current law makes it easy for private creditors to exploit poor countries during debt restructuring,” said Professor Chelwa on his Linkedin.
“The Sovereign Debt Stability Act, if passed, will restore balance and provide for orderly, timely, fair, and just debt restructuring processes, especially for the poorest countries who also tend to have the least amount of power in the global financial system,” adds Professor Chelwa.
The proposed Act seeks to curb the predatory practices of ‘vulture funds’ and ensure fair debt restructuring. It has garnered support from diverse sectors, including climate advocates like Christiana Figueres and Bill McKibben, who recognize the interconnectedness of sovereign debt and climate crises.
By passing this legislation, New York can lead the way in promoting global economic justice and solidarity. The urgency of the matter underscores the need for decisive action to address the humanitarian consequences of unsustainable debt, aligning financial governance with principles of equity and sustainability. Click here to learn more and read the full letter.
In March 2024, Professor Chelwa participated in discussions at the International Conference on African Debt Crisis and the International Financial Architecture held in Accra, Ghana. Additionally, his 2021 paper, “Does Economics Have an ‘Africa Problem’?” served as the foundation for an important symposium organized by the Nobel Foundation and the Royal Swedish Academy of Sciences. The symposium aimed to address pressing questions regarding the treatment of African economic issues within the field of economics, highlighting the need for diverse perspectives in shaping economic discourse. For more information, see the report here: University World News.
A coalition of influential figures, including Grieve Chelwa, Associate Professor of Political Economy at The Africa Institute, Global Studies University, Sharjah is urging New York to pass the Sovereign Debt Stability Act. This legislation aims to alleviate the burden of unsustainable debt on low- and middle-income countries by reforming debt restructuring processes.
A coalition of influential figures, including Grieve Chelwa, Associate Professor of Political Economy at The Africa Institute, Global Studies University, Sharjah is urging New York to pass the Sovereign Debt Stability Act. This legislation aims to alleviate the burden of unsustainable debt on low- and middle-income countries by reforming debt restructuring processes.
“I am proud to join 65 leaders, including former British Prime Minister Gordon Brown, head of UNAIDS Winnie Byanyima, actor Mark Ruffalo and former presidents and prime ministers in signing this letter urging the state of New York to pass the Sovereign Debt Stability Act. A big chunk of sovereign debt, including Zambia’s, is governed by New York Law and the current law makes it easy for private creditors to exploit poor countries during debt restructuring,” said Professor Chelwa on his Linkedin.
“The Sovereign Debt Stability Act, if passed, will restore balance and provide for orderly, timely, fair, and just debt restructuring processes, especially for the poorest countries who also tend to have the least amount of power in the global financial system,” adds Professor Chelwa.
The proposed Act seeks to curb the predatory practices of ‘vulture funds’ and ensure fair debt restructuring. It has garnered support from diverse sectors, including climate advocates like Christiana Figueres and Bill McKibben, who recognize the interconnectedness of sovereign debt and climate crises.
By passing this legislation, New York can lead the way in promoting global economic justice and solidarity. The urgency of the matter underscores the need for decisive action to address the humanitarian consequences of unsustainable debt, aligning financial governance with principles of equity and sustainability. Click here to learn more and read the full letter.
In March 2024, Professor Chelwa participated in discussions at the International Conference on African Debt Crisis and the International Financial Architecture held in Accra, Ghana. Additionally, his 2021 paper, “Does Economics Have an ‘Africa Problem’?” served as the foundation for an important symposium organized by the Nobel Foundation and the Royal Swedish Academy of Sciences. The symposium aimed to address pressing questions regarding the treatment of African economic issues within the field of economics, highlighting the need for diverse perspectives in shaping economic discourse. For more information, see the report here: University World News.
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