The Impact of Sovereign Debt Restructuring: An Insight into the Human Rights Perspective in Zambia

Abstract

This thesis critically examines how Zambia’s sovereign debt restructuring process has influenced the realisation of fundamental human rights, focusing specifically on education adequate public services and health. This study situates Zambia’s experience within the framework of the G20 Common Framework for Debt treatments and IMF supported fiscal consolidation programmes. It analyses the extent to which austerity measures and social spending floors introduced under the Extended Credit Facility have shaped socioeconomic outcomes and the fulfilment of obligations under international human rights law, including the International Covenant on Economic, Social and Cultural Rights (ICESCR) and the African Charter on Human and Peoples’ Rights. The methodology of this research is as follows; this research was a qualitative mode of research as data was gotten from IMF country reports and reports by organisations such as Debt Justice, Wemos and Action Aid, statutes, international treaties, internet sources, journals and articles and case law. The study concludes that Zambia’s restructuring experience exposes critical deficiencies in the global debt governance framework, notably its prioritisation of creditor interests over developmental and human rights imperatives. It recommends integrating human rights impact assessments into debt sustainability analyses enforcing transparency and comparability among creditors and strengthening domestic fiscal governance to align debt management with the progressive realisation of human rights. This dissertation thereby contributes to ongoing discourse on reforming sovereign debt mechanisms to advance equity, accountability and human dignity in African debt management.