Sunday 23, September 2018 by Bloomberg

Zambia deputy leader says debt warning a plot to oust Government

 

Zambia’s vice president dismissed criticism of the country’s rapidly growing debt as part of a smear campaign to force the government from power.

“The issue of Zambian debt is being dramatized—Zambia’s debt is being taken out of proportion,” Inonge Wina told lawmakers Friday in Lusaka, the capital. “Zambia’s debt has become a camouflage, a tool to destabilize Zambian people’s confidence in their government and to force a regime change.” She described those behind the alleged campaign as unspecified “champions of international capital.”

The southern African country’s external borrowing has nearly doubled since the end of 2014 to $9.4 billion, with the International Monetary Fund saying it’s at high risk of debt distress. The World Bank on Thursday urged the government to recognise “the enormity of the problems.”

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