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Vol 59 No 11

Published 1st June 2018


Zambia

Debt spike threatens reserves

The uncontrolled borrowing by the Lungu circle is growing too large to cover up

Having said it was certain of its figures, Zambia's Ministry of Finance has once again revised its external debt upwards, from US$8.7 billion to $9.1 bn. While its debt continues to rise, international reserves have fallen to just $1.8 bn. and the kwacha is beginning to totter as the central bank stops defending the currency's value. At the same time, the government faces a media storm over corruption scandals involving President Edgar Lungu.

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