Zambia acquires additional $2.6b debt despite IMF a warning

Zambia acquires additional $2.6b debt despite IMF a warning

 

Zambia, which the International Monetary Fund has warned is at high risk of debt distress, contracted an additional $2.6 billion of new external loans last year, according to the Finance Ministry.

If the funds are disbursed, they’ll increase the southern African nation’s external debt to $12.7 billion, from $10.1 billion at the end of 2018. The new loans suggest the government is too complacent about rapidly increasing debt risks, Gregory Smith, fixed-income analyst at Renaissance Capital in London, said by email Thursday.

“Last year, the government pledged it would be canceling loans and slowing down the accumulation of debt,” he said. “Adding more new loans is only going to aggravate what is already a dire situation.”

IMF has warned Zambia is already at high risk of debt distress.

Bloomberg

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COMMENTS

WORDPRESS: 6
  • comment-avatar
    Musumali Liyunga 2 weeks ago

    That is why we from Barotseland want to be out of the country called Zambia. All the money borrowed has gone into pockets of those from former North Eastern Rhodesia and has not benefited Barotseland at all. So why should citizens of Barotseland be made to pay this debt when we know where it has gone. It is unfair.

  • comment-avatar
    Musonda 2 weeks ago

    Zambians ubututu sana.Here is a serious problem.Zambia is a small compromised country which has been mismanaged since Independence because majority Zambians are too docile.They allow this nonsense to happen.The blind being led by the blind

  • comment-avatar
    Musonda 2 weeks ago

    Zambians ubututu sana.He is a serious problem.Zambia is a small compromised country which has been mismanaged since Independence because majority Zambians are too docile.They allow this nonsense to happen.The blind being led by the blind

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    jimmy shaba 2 weeks ago

    HOPE THIS IS NOT JUST CHEAP PROPAGANDA

  • comment-avatar
    Miles Mulenga 2 weeks ago

    You would think that – after four years in (bad) government – that all those PF thieves encouraged by Lungu Liar have filled their deep pockets by now! How greedy can you get! Ohhhh, I know – because of all these new loans the good old kwacha will fall even further, so they have to steal more to compensate for that!

    Zambians, wake up! PF and Lungu Liar are turning the country not even into the new Zimbabwe but worse: the new Venezuela! We MUST get rid of this greedy bunch!

    #Lungu-Liar–Pants-on-Fire!

  • comment-avatar

    KK only used to auction the Kwacha and things started going bad socially and economically but I foresee these guys auctioning the country before they leave. Things in this case won’t go bad but Zambian citizens will be slaves. …and if things are more than ‘bad’, English teachers which word must I use? Reliable sources say teachers have no time to answer that, they are busy planning where to get money from in case salaries are delayed.