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Vol 60 No 11

Published 31st May 2019


Zambia

Little cash, no credit

The liquidity crisis continues while the exchequer has a different kind of problem with liquids to deal with

The government's chronic shortage of cash has resulted not only in late payment of salaries for public servants, but also in a four-week default on a large loan repayment for new equipment for the armed forces, Africa Confidential can exclusively report. Meanwhile, on 23 May the credit ratings agency Moody's downgraded Zambia to a Caa2 negative rating to reflect 'the probability of default over the near term'.

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