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FOCUS ON AFRICA

Zambia’s New President Pledges to Uncover Country’s True Debt Burden

Zambian President Hakainde Hichilema said the African nation’s public debt exceeds what the official figures from the previous government show, with the new administration trying to uncover the full extent of its obligations. 

Hichilema’s landslide win in this month’s election placed him in control of an economy on the brink, having last year become Africa’s first pandemic-era sovereign defaulter. Years of government budget blowouts fueled by over-borrowing left the state with at least $12.7 billion in external debt, according to the most recent official figure.

Bloomberg

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