Zambia’s debt crisis is part of a much greater distress facing many sub-Saharan African countries, which has plunged into sovereign debt since the 2008 financial crisis. Persistent systemic governance and economic challenges coupled with external shocks have led to an increase in the debt of the continent. .
Even in the less superstitious view, Friday the 13th is an unfortunate day. In the African world for sovereign finance, Friday 13 November 2020 will be remembered as the day on which one of the member states, Zambia, failed to meet its $ 225 million debt obligations.
It is tempting to attribute the country’s failure to meet its debt obligations to the Covid-19 pandemic. Zambia and many African viewers, however, saw it coming. A recent seminar held by the Konrad Adenauer Stiftung and the Brenthurst Foundation sheds more light on Zambia’s path to chronic debt under President Edgar Lungu.
However, concentrating on the Zambia debt crisis in isolation would be a major problem. It is part of a much larger tribulation facing many sub-Saharan African countries. African countries have sunk into government debt since the 2008 financial crisis. Zambia illustrates some of the fiscal challenges facing the …