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Zambia's national debt reached $25.5 billion by the end of 2023, creating a crisis that crowds out essential social spending and hinders economic development. The report identifies key drivers including excessive borrowing for unproductive infrastructure, high reliance on volatile copper exports, and significant revenue losses from tax evasion and illicit financial flows. While Zambia has sought relief through the G20 Common Framework and IMF facilities, the report argues that the current restructuring process is inefficient and that long-term stability requires domestic resource mobilisation, strengthened parliamentary oversight, and a transition toward sustainable borrowing practices.

The document examines how African public debt is rooted in colonial constructs and enforced through contract law, often perpetuating economic dependency. It analyzes the legal architecture at national and international levels, the various debt instruments used, and the systemic failures in transparency and accountability that lead to debt crises. The paper advocates for constitutional reforms, independent debt management offices, and a multilateral sovereign debt restructuring mechanism to ensure sustainable development and protect human rights.

The Climate Policy Initiative identifies three fiscal opportunities for Indonesia to encourage productive and efficient land use to meet its COP Paris emission reduction target of 29% by 2030. First, it recommends shifting the tax burden from profit-based levies to land-area-based levies, noting that 93.5% (400 trillion Rupiah) of current land-sector revenue comes from production and profit, providing no incentive for efficiency. Second, it suggests reforming revenue transfers to local governments to remove incentives for land expansion, such as changing the Revenue Sharing Fund (DBH) to favor VAT over land and building taxes (PBB). Third, it proposes earmarking the Adjustment Fund (Dana Penyesuaian), which grew from 20 trillion Rupiah in 2010 to 56 trillion Rupiah in 2011 but currently funds no sustainable land management programs. A case study on the palm oil sector reveals a low tax-to-GDP ratio of approximately 3.4% and that only 11-14% (1.103 trillion rupiah) of its revenue was shared with local governments in 2012/2013.

The document argues that Indonesia's current fiscal policies in the land use sector—including forestry, oil and gas, mining, and agriculture—incentivize land expansion over productivity, contributing to deforestation and emissions. It proposes three primary areas for reform: shifting revenue collection from production-based to land-size based levies, increasing tax revenue sharing for local governments to discourage land clearing, and earmarking Adjustment Funds for sustainable land use programs. A case study on the palm oil sector highlights a low tax-to-GDP ratio of approximately 3.4% and limited revenue redistribution to local governments, illustrating the potential for fiscal optimization.

The document assesses how the COVID-19 pandemic strained sovereign debt management offices (DMOs) in the MEFMI region, highlighting a general lack of comprehensive business continuity plans and procedure manuals. While most countries maintained legal debt limits and audit frequencies, the crisis forced a shift toward remote work and virtual coordination, which increased operational risks and compromised the segregation of duties. The report recommends strengthening operational risk frameworks, investing in digital infrastructure, and introducing 'escape clauses' in regional debt convergence criteria to better handle future crises.

The study examines how COVID-19 affected the fiscal positions and debt sustainability of MEFMI member countries, noting a sharp increase in average debt-to-GDP ratios from 63.6% in 2019 to 70.6% in 2020. It highlights the critical role of Local Currency Bond Markets (LCBMs) and international initiatives like the Debt Service Suspension Initiative (DSSI) in maintaining stability. The report identifies significant gaps in operational risk management, specifically the absence of business continuity plans in most member states, and recommends strengthening institutional capacity, technology investment, and the development of transparent debt management strategies to build future resilience.

The COVID-19 pandemic caused a sharp economic downturn in the MEFMI region, characterized by contracting GDP growth, widening fiscal deficits, and deteriorating external positions. To mitigate these effects, member states implemented a range of fiscal measures, such as VAT exemptions and social protection transfers, and monetary interventions, including cutting policy rates and reducing statutory reserve requirements. However, these responses, combined with lower revenues and higher borrowing costs, accelerated public debt accumulation and eroded debt-carrying capacity across the region. The document emphasizes the need for sustainable debt management, fiscal buffers, and economic diversification to build resilience against future shocks.

The report examines how the COVID-19 pandemic affected local currency bond markets (LCBMs) across MEFMI member countries. It finds that while the crisis increased government borrowing needs and operational risks, most countries maintained stability through fiscal, monetary, and financial policy interventions. Key findings include a general increase in the average time to maturity of domestic debt, a shift in investor behavior toward safe assets, and the use of liability management operations like rollovers and switches. The document concludes that deepening LCBMs, strengthening debt management strategies, and improving market transparency are essential for resilience against future crises.

The document evaluates how fiscal, budgetary, monetary, and trade policies in Brazil during the COVID-19 pandemic integrated or ignored natural capital in the Legal Amazon. It finds that the vast majority of economic stimulus measures had a negative impact on natural capital, with 87.2% categorized as 'high negative'. While some positive measures exist in bioeconomy and low-carbon agriculture, the report argues that nature was not central to economic decision-making and recommends a shift toward a 'green recovery' that values standing forests.

The report details Ghana's economic crisis in 2022, characterized by credit rating downgrades from Moody's, S&P, and Fitch, and a sharp depreciation of the cedi. It identifies the COVID-19 pandemic, the 2017 banking sector clean-up, and the Russia-Ukraine war as primary drivers, with the latter specifically impacting fertilizer costs and agriculture. Inflation rose to 31.7% by July 2022, driven by imported inflation and rising food prices. The government responded with policy rate hikes by the Bank of Ghana, increasing the rate from 14.5% in January to 22% by August 2022, and attempted to curb forex irregularities. However, the report notes skepticism regarding these measures, emphasizing the need for expenditure cuts and anti-corruption efforts to restore stability.

The Institute for Economic Justice (IEJ) proposes a shift away from growth-dependent poverty eradication, advocating for a universal basic income grant for adults aged 18-59 in South Africa and a global wealth tax on billionaires. The submission argues against regressive VAT increases and conditional social grants, instead recommending progressive taxation, debt management strategies to lower interest costs, and the removal of algorithmic and digital barriers to social protection access.

A group of over 75 economists and experts argue that South Africa's initial economic responses to COVID-19 were insufficient in scale compared to other nations. They propose a comprehensive five-pillar strategy to support households, protect workers, sustain businesses, strengthen public health, and stabilize the broader economy, emphasizing the need for fiscal and monetary expansion to protect the most vulnerable populations.

The analysis highlights a dual challenge for Latin America: direct trade disruptions from US tariffs and indirect vulnerability to China's economic health. While Mexico and Central American countries face the highest effective tariff rates due to exports of steel, aluminum, and auto parts, South American nations are more exposed to a potential decline in Chinese demand for raw materials. The authors argue that China's ability to implement counter-cyclical fiscal and monetary policies to mitigate US tariff impacts will be critical for regional stability.

The analysis examines how US universal and sectoral tariffs affect Latin American countries, noting that while Mexico and Central American nations face higher effective tariff rates, South American nations are more vulnerable to indirect shocks from China. It highlights that China's ability to implement counter-cyclical fiscal and monetary policies to mitigate US tariff impacts will determine the stability of commodity prices and growth in South America.

The EU has established a framework to phase out fossil fuel subsidies by 2020, including a legal obligation to end hard coal mining subsidies by 2018. While the EU has reduced its own direct budgetary support and some member states have implemented tax reforms, significant challenges remain. The document highlights a tension between official commitments and actual practice, noting that some countries may use transparency measures to avoid eliminating a broad range of subsidies. A significant portion of coal-related fiscal support in countries like Germany, Spain, and the Czech Republic has been redirected toward just transition measures for workers and site rehabilitation.

In November 2014, Indonesia increased gasoline prices by 31% and diesel by 36%, eventually removing gasoline subsidies and introducing a fixed-price subsidy for diesel. The reform was driven by fiscal burdens, the election of President Joko Widodo, and a decline in world oil prices. While the move generated estimated savings of USD 15.6 billion in 2015—which were reinvested in ministries, infrastructure, and regional transfers—the document notes a 'missed opportunity' to invest in sustainable energy. By early 2018, the government's commitment to price stability effectively reintroduced subsidies, with estimated costs of USD 1.7 billion for the calendar year.

Argentina reduced direct budgetary transfers to oil producers, saving an estimated US$ 780 million in 2017. However, the government maintained and prioritized subsidies for unconventional gas production, specifically targeting the Vaca Muerta reservoir through the 'Plan Gas'. These reforms were driven by fiscal pressures, including a US$ 50 billion IMF standby agreement requiring deficit reduction. While oil subsidies fell, the government continued to owe US$ 1.5 billion to oil companies as of January 2019. Environmental concerns persist as gas is treated as a transition fuel, despite the high greenhouse gas emissions and water contamination associated with fracking in Vaca Muerta.

The paper examines how Zambia manages competing public needs through macroeconomic reforms and growth stimulation. It details the transition from state-led economic management to a liberalised system, focusing on GDP growth, inflation control, and interest rate reductions to expand the state's resource envelope.

The NAP Global Network's 2025-2030 Strategic Framework focuses on shifting national adaptation plans (NAPs) from planning to implementation. The strategy employs three reinforcing approaches: building systems (policy, coordination, and results frameworks), using levers (fiscal measures, public procurement, trade policy, and blended finance), and engaging diverse actors (finance ministries, subnational governments, civil society, and the private sector). The Network intends to provide embedded technical capacity, multi-year partnerships, and flexible on-demand support, with a specific focus on least developed countries, Small Island Developing States, and conflict-affected contexts.

The report examines taxation in Cameroon, Mozambique, and South Africa, analyzing how formal institutional designs and informal state-society relations affect revenue collection and development. It finds that while technical reforms (like VAT and semi-autonomous revenue authorities) have increased some revenues, deep-seated perceptions of taxation as a colonial tool of oppression, combined with widespread corruption and a lack of transparency, severely undermine tax morale and voluntary compliance across all three nations.