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Hakainde Hichilema Hits the Ground Running as he Pledges to Uncover Zambia’s True Debt Burden



Newly elected president of Zambia, friend of the markets and economist,  Hakainde Hichilema’s government is trying to uncover the full extent of its obligations as it prepares to seek a bailout from the International Monetary Fund and begin talks to revamp the African nation’s debt.

Hichilema’s  last month’s landslide victory placed him in control of an economy with a “bigger hole” than he envisaged, 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.


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