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Vol 59 No 7

Published 6th April 2018


Zambia

Into the valley of debt

Edgar Lungu's government has no plans to stop spending, but the amount that it owes is rapidly growing beyond control

Demands for clarity on Zambia's national debt are intensifying, as the standoff with the International Monetary Fund continues and senior figures in government fear a Zimbabwe-style economic crisis and currency crash. They say that, contrary to official figures, the debt now stands at 100% of GDP. They worry that President Edgar Lungu has no plans to halt the borrowing spree. Oblivious to the alarm bells sounded by Zambian officials and politicians, as well as international financial institutions, he may be steering the country towards a cliff edge, pundits fear.

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