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Vol 53 No 21

Published 19th October 2012


Zambia

Big budget, big promises

The triumph of the bond issue and strong public spending plans may help revive a stagnant economy and the government’s political fortunes

One year after taking the helm, President Michael Chilufya Sata and his Patriotic Front (PF) face mounting pressure from electors upset at their apparent failure to deliver on ambitious campaign promises. Sata won the presidency by promising more jobs and prosperity, the absence of which is causing more and more resentment. Yet after a slow start, the government has now won wide international acclaim for its highly successful US$750 million Eurobond issue in September. It has also set out to win back public approval with a jobs-orientated budget that includes large increases in public spending.

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