Strengthening UN country teams' capacity on sovereign credit ratings and development finance

Addis Ababa, Ethiopia, 22 September 2026 - The United Nations Economic Commission for Africa (ECA), in collaboration with the United Nations Development Coordination Office (DCO), has launched a specialized training series aimed at strengthening the capacity of United Nations Resident Coordinator Offices (RCOs) to better understand the implications of sovereign credit ratings for macroeconomic policy, debt sustainability, and development finance.

The training, entitled "Sovereign Credit Ratings for Policy and Development Finance," brings together economists and policy analysts from UN Resident Coordinator Offices across the globe to deepen their understanding of how sovereign credit assessments influence countries' access to finance, borrowing costs, investor confidence, and broader development outcomes.

Against a backdrop of heightened debt vulnerabilities, tightening global financial conditions, and persistent external shocks, sovereign credit ratings have assumed increasing importance for developing economies. Rating assessments can affect governments' financing options, shape market perceptions, influence investment decisions, and impact the fiscal space available to pursue sustainable development objectives.

The programme seeks to equip UN economists with practical analytical tools to assess the links between sovereign credit ratings, macroeconomic performance, debt dynamics, and sustainable development financing. It also aims to enhance the capacity of UN country teams to support evidence-based policy dialogue and provide informed analysis on financing challenges facing programme countries.

Speaking at the opening session, representatives of ECA and the UN Development Coordination Office underscored the growing relevance of sovereign credit ratings within the international financial architecture and highlighted the importance of strengthening analytical capacity across the UN development system.

The first session focuses on sovereign ratings in macroeconomic policy, risk pricing and market dynamics. Participants benefit from insights provided by Samira Mensah of S&P Global Ratings, who examines the interaction between sovereign rating actions, macroeconomic fundamentals, fiscal policy and market expectations. The session also explores how ratings influence debt management strategies, borrowing costs and investor perceptions in African economies.

The second session examines the determinants of sovereign credit ratings, including macroeconomic performance, governance, institutional quality, environmental, social and governance (ESG) considerations, and data transparency. Anushka Bogdanov, Founder and Chief Executive Officer of Risk Insights, leads discussions on sovereign risk assessment frameworks and the growing role of ESG factors in investment decisions. The session further draws on country experiences shared by Alaa Abdel Rahman of the Ministry of Finance of Egypt, and Joseph Alimamy Thullah of the Ministry of Finance of Sierra Leone, who discuss practical challenges related to fiscal vulnerabilities, climate risks, governance indicators and data gaps.

The final session addresses regulatory frameworks governing credit rating agencies, debt distress and restructuring processes, and approaches to strategic engagement with investors and rating agencies. Daniel Cash of Aston University provides perspectives on the evolving regulatory landscape and sovereign debt challenges. Participants also examine lessons from African debt crises through a case study presented by Stephana Hoareau, Principal Debt Analyst at the Ministry of Finance, National Planning and Trade of Seychelles.

The programme also features a presentation by Misheck Mutize of the African Union-African Peer Review Mechanism (AU-APRM) on the strategic rationale, operational framework and progress toward the establishment of the African Credit Rating Agency (AfCRA).

Throughout the programme, technical sessions will be moderated by ECA experts Sonia Essobmadje, Chief of the Finance and Domestic Resource Mobilization Section, and Jean-Marc Kilolo, who guide discussions on the policy implications of sovereign ratings for African economies.

The initiative led by ECA's Macroeconomic, Finance and Governance Division by Finance and Domestic Resource Mobilization Section (FDRMS) section the training series covers three key areas forms part of ECA's ongoing work to strengthen public finance management, debt sustainability and domestic resource mobilization across the continent, while supporting African countries in accessing the financing needed to achieve the Sustainable Development Goals and Agenda 2063.

Issued by:
Communications Section
Economic Commission for Africa
PO Box 3001
Addis Ababa
Ethiopia
Tel: +251 11 551 5826
E-mail: [email protected]