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Vol 39 No 15

Published 24th July 1998


Zambia

The China re-connection

President Chiluba is contemplating a third term as he opens the door to Beijing

The government puts a brave face on it but the economy is still in a mess and May's Consultative Group meeting in France (AC Vol 39 No 10) produced no balance-of-payments (BoP) support. Foreign currency reserves are scarce and the external debt burden is at US$7.2 billion. Copper accounts for 90 per cent of foreign exchange earnings and 25 per cent of gross domestic product, yet Zambia Consolidated Copper Mines (AC Vol 39 No 6) loses $2 million a day and cannot find a buyer.

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