Latest Breaking News On - நவம்பர் சாம்பியா - Page 1 : comparemela.com

Many African countries are sinking further into unsustainable debt. Last November Zambia epitomised the problem when it defaulted on a US$42.5-million payment on a Eurobond. “The government went on a borrowing spree over the last few years and was then unable to repay,” notes Peter Leon, co-chair of the Africa group at the law firm Herbert Smith Freehills. Some of the loans were spent on worthy infrastructures, like roads and hospitals, and some on white elephants. Several might well have lined politicians’ pockets. A sharp drop in the price of copper, Zambia’s main export, and the Covid-19 pandemic may or may not have been a factor. But Zambia’s external debt-to-GDP ratio anyway exceeded 100% and it defaulted. 

United statesEdgar lunguPeter leonHerbert smith freehillsHakainde hichilemaFonteh akumSimon wolfeInternational monetary fundInstitute for securityUnited party for national developmentCopperbelt energy corporationNovember zambiaHerbert smithPresident edgar lunguEconomic recovery programmePatriotic front