The African Peer Review Mechanism (APRM) – an African Union-backed initiative – will launch a continent-wide credit ratings agency in October, a senior adviser at the AU said on Wednesday, as it seeks to tackle high borrowing costs. Paul Sikazwe, technical adviser on debt to the African Union Commission, said the ratings agency created for Africa will be launched in Mauritius on October 5. “This is a sign of progress in our ambition to provide momentum for the reform of the international financial architecture,” said Sikazwe, speaking during a conference on debt and development in the Kenyan capital hosted by campaign group AfroDad. The APRM has been working for years on the launch of an agency that assesses the creditworthiness of African sovereigns as governments seek an alternative to ratings from the dominant global ratings firms such as Fitch, Moody’s and S&P Global. … Debt issues in Africa have risen to the fore in recent years after heavy borrowing, economic mismanagement and external shocks pushed countries including Zambia, Ghana and Ethiopia into sovereign defaults in recent years. The AU is also forging ahead with a push to take common action on debt by its 54-member states, Sikazwe said, including the inauguration of an African Monetary Institute in Abuja in late October, which is designed to serve as a precursor to a regional central bank. (Reuters)

Sudan asked a 29-member coalition led by China on Wednesday to help block a draft resolution seeking to renew the mandate of the U.N. Human Rights Council’s fact-finding mission. Britain is expected to lead Western efforts during the council’s 63rd session, scheduled from Sept. 7 to Oct. 7, to extend the mission’s mandate. Sudan has repeatedly refused to cooperate with the investigators or allow them entry into the country. Sudan’s permanent representative to the United Nations in Geneva, Hassan Hamid Hassan, addressed an ambassadorial meeting of the Like-Minded Group at the Palais des Nations in Geneva ahead of the session. Hassan urged member states to back Khartoum against the anticipated British draft resolution, according to the state-run SUNA news agency. … The Human Rights Council established the independent Fact-Finding Mission in October 2023 to investigate alleged human rights abuses and violations, including those committed against refugees, and has renewed its mandate annually. The mission is tasked with collecting and analyzing evidence, identifying responsible individuals and entities, and recommending accountability measures. (Sudan Tribune)

The United States and the African Union have warned against the regional expansion of Sudan’s war following reports of air strikes conducted by the Sudanese military inside neighbouring Chad. U.S. Senior Advisor for Africa Massad Boulos condemned the strikes in Chadian territory on Wednesday, saying there is no justification for expanding the violence beyond Sudan’s borders. Boulos called for an immediate humanitarian truce and urged the United Nations Security Council to urgently update its sanctions regime and arms embargo to halt external military and financial backing for the warring parties. African Union Commission Chairperson Mahmoud Ali Youssouf also voiced deep concern over the reported Aug. 20 strikes in Chad’s Ennedi-Est region, calling on all sides to respect national sovereignty and the inviolability of borders. Youssouf urged maximum restraint and called for stronger regional cooperation to secure shared frontiers and prevent cross-border escalation. (Sudan Tribune)

Kiting involves fraudulently using financial instruments, such as checks, to obtain unauthorized credit. This practice targets banks and retailers, exploiting float times to facilitate illegal withdrawals.