How to stop Zambia from turning into Zimbabwe
Neighbours and creditors should resist its slide into autocracy and economic collapse
A DECADE AGO, as the rich world was struggling with the aftermath of the global financial crisis, much of Africa was surfing a wave of optimism. At the front was Zambia, which in the early 1990s was among the first African countries to ditch one-party rule and socialism. In 2012, after a decade of stunning economic growth, it joined the small club of African countries borrowing on international bond markets. Demand for its debt was so strong that it was able to borrow more cheaply than Spain.
This article appeared in the Leaders section of the print edition under the headline “Zambia’s descent”
From the November 14th 2020 edition
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