Jump to navigation

Vol 59 No 10

Published 18th May 2018


Zambia

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.

End of preview - This article contains approximately 2180 words.

End of preview

Subscribers: Log in now to read the complete article.

Account Holders: Log in now and use your Account Credit to buy this article. No Credit? Top up your Account now.


If you have a print subscription already, click here for a password that gives you full access to the website.

If you are logged in, but still cannot access the full text of this article, email customer services or telephone us on +44(0)1638 743633.