ZAMBIA: A string of positive news
President Hakainde Hichilema today, 27 September, announced the return of Denny Kalyalya as governor of the Bank of Zambia (BoZ) with immediate effect. The move puts the BoZ in a safe pair of hands and bodes particularly well for relations with the International Monetary Fund (IM… Become a member to read the rest of […]
Zambia: Hichilema’s honeymoon
Freshly inaugurated President Hakainde Hichilema is riding a wave of goodwill. Yet the reform process ahead will undoubtedly be politically painful and administratively challenging; it will be measured by the next budget, IMF talks and debt restructuring efforts. The ne… Become a member to read the rest of this article
ZAMBIA: Opposition landslide, daunting legacy
Opposition leader Hakainde Hichilema has won the 12 August presidential election by a landslide, trouncing incumbent President Edgar Lungu by close to 1mn votes. Despite three days of tensions and suggestions that Lungu’s side might refuse to accept the results, a relative… Become a member to read the rest of this article
ZAMBIA: High-stakes elections on 12 August
General elections will take place on Thursday, 12 August. The recent deployment of the military highlights the risk of electoral violence around the high-stakes polls. As explained previously, the presidential election should be opposition leader Hakainde Hichilema’s to lose give… Become a member to read the rest of this article
ZAMBIA: High-stakes elections
The main concern about the 12 August general elections is to what extent they will be free and fair, increasing the risk of electoral violence and disputes. Although the presidential poll should be opposition leader Hakainde Hichilema’s to lose, the playing field has been … Become a member to read the rest of this […]
ZAMBIA: Might Zambia finally clinch an IMF deal?
Three weeks of talks with the International Monetary Fund (IMF) are due to conclude on 3 March. Since Zambia plans to seek debt treatment under the G20’s ‘Common Framework for Debt Treatment beyond the DSSI,’ the latest talks might generate the most intense speculation yet that … Become a member to read the rest […]
ZAMBIA: Plan spells headline risk for miners, no clear upside for IMF deal
On 17 December, President Edgar Lungu launched Zambia’s new Economic Recovery Programme (ERP) 2020-2023. If Lungu’s ERP was meant to please the International Monetary Fund (IMF), the immediate effect was to generate headline risk as Lungu signaled his intention to push for m… Become a member to read the rest of this article
ZAMBIA: How much hope for an IMF program?
The International Monetary Fund (IMF) said today, 9 December, that it “will be assessing in the coming weeks how the IMF could support the authorities’ reform efforts through a possible Fund program.” Zambia’s request was widely expected, but the prospects for a swift and compr… Become a member to read the rest of this […]
ZAMBIA: Point of no return
Finance Minister Bwalya Ng’andu confirmed today, 13 November, that Zambia would “have no other alternative but to accumulate arrears” on its 2024 Eurobond, where the grace period on a USD 42.5mn coupon payment expires today. Zambia’s slide into official default became all but i… Become a member to read the rest of this article
ZAMBIA: Aborted Bondholder Meeting Signals Messy, Protracted Debt Restructuring
Zambia seems increasingly unlikely to make its outstanding USD 42.5mn coupon payment within the 30-day grace period. While the G20 Debt Service Suspension Initiative (DSSI) will now offer bilateral debt relief until June 2021 (and likely the full year), Zambia’s willingn… Become a member to read the rest of this article