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Vol 59 No 10

Published 18th May 2018


A swirling fog of debt

The government is suspected of dishonestly reporting its debts, as it chases every last ounce of credit

Creditors, investors and the opposition believe President Edgar Lungu's management of national finances is plunging the country into a debt crisis. The Ministry of Finance issues desperate-sounding statements denying it has lost control of debt figures, while the government continues to issue publicly guaranteed debt to bankrupt state-owned companies regardless – and without adding the sums to the debt statistics. President Lungu has even – unlawfully, constitutional experts say – signed a personal guarantee for a huge loan, so frantic is his government for cash.

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