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SAIIA Southern Africa Record No 38

This edition covers the agreement to exchange trade representatives between South Africa and Swaziland. The next section includes remarks, declarations and statements concerning the relationship between South Africa and Mozambique. The section on th…

Malawi update - Political and economic trends

"This background Briefing updates Brief Reports Nos. 36 and 51 and deals with recent political trends - including the crucial issue of the successor to the ageing President Kamuzu Hastinqs Banda; recent economic developments, Malawi's relations wit…

The Experience of Medium Term Expenditure Framework & Integrated Financial Management Information System Reforms in Sub-Saharan Africa - What is the Balance sheet?

A Medium Term Expenditure Framework (MTEF) and an Integrated Financial Management Information System (IFMIS) are two of the standard reforms promoted and supported by the World Bank and other aid agencies in almost every country in Sub-Saharan Afr…

Harnessing Zambia’s External Debt for Development

"In recent times there has been debate on Zambia’s steadily growing external debt. This comes in the wake of debt relief efforts of the Highly Indebted Poor Country (HIPC) and Multilateral Debt Relief (MDR) initiatives which saw a reduction of the …

Capital Flight: Measurement and Drivers

"This paper describes the nature of capital flight, the methodologies used to measure it, and its drivers. The paper presents updated estimates of the magnitude of capital flight from 39 African countries for which adequate data are available for th…

Will Nigeria's Liquidity Shortage Morph into a Solvency Crisis?

In November of 2020, Zambia became the first African country to renege on its debt service obligations since the COVID-19 pandemic began. Since then, official and private lenders as well as governments have become apprehensive about a looming solven…

Towards 2022: Options for Paying back Zambia’s Eurobond Debt

On 20th September 2022, Zambia’s first Eurobond will mature. The Government will be required to settle its principal payment amounting to US$750 million in full. Twenty months later in April 2024, the Government will have to settle the second Eurobo…

An Empirical Analysis of Low-Leverage Behaviour: Evidence from Nigerian Quoted Firms

Debt conservatism is one of the enduring puzzles in capital structure research. The reluctance of profitable firms to commit to high debt ratios to exploit tax benefits of debt has profound consequences for capital structure dynamics. Inspired by st…

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