Is sovereign debt impeding Africa's COVID-19 recovery?
Although Africa is the least indebted region when judged against GDP or per capita, it is the most affected by sovereign debt pressure, it also contributes the least greenhouse emissions but is the most affected by climate change. So, the sad paradox of Africa being the least infected by COVID-19 but most damaged by its impact is no surprise.
The pandemic accelerated the unequal treatment of Africa, driven by the rules and systems of global economic governance. It exposed the practical implications of inequality – notably differences in state capacity to limit the socio-economic impact of lockdowns – uncovered the hyper-dependence of critical value chains, particularly to China, and revealed both the vulnerabilities of the international financing system and the limits on its coordination.… Seguir leyendo »