Zambia: The first year of a Hichilema foreign policy
At his inauguration one year ago this week, Zambia’s president Hakainde Hichilema inherited a country with a heavily indebted economy and a reputation for fiscal unreliability.
He has secured, for now at least, Zambian citizens’ buy-in and patience for what he is seeking to do – with future debt-repayment austerity lurking on the horizon.
Hichilema’s predecessor Edgar Lungu consistently harassed – and some would say persecuted – Hichilema, casting him in the role of a perpetual loser who was destined never to win the presidency with five failed previous efforts.
At the same time, Lungu embarked on an ambitious but recklessly-financed programme of both prestige and infrastructural projects, relying greatly on foreign liquidity particularly from China, and on commercial borrowings by way of the issue of Eurobonds – upon which his administration defaulted.… Seguir leyendo »