Understanding Zambia’s National Debt Crisis

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For a while now countries all over the globe are still trying to recover from the impact that COVID-19 has left behind, some of which are managing to do so effectively while others are still struggling.   There are still a number of countries around the globe that are still feeling the effects of the pandemic, one of which includes Zambia, an African country that took a massive hit from the outbreak and does not seem to be improving. Although the country is going through a rough time post COVID-19 right now, it was already struggling before due to its being in massive debt. Having borrowed $12bn from international creditors, it has now become the latest country to default on its debts, after talks with its creditors hit an impasse.   Zambia, in the north of Southern Africa and home to about 18 million people, has built its development over an abundance of natural, mainly mineral, resources. The country ranks as Africa’s second and the world’s tenth largest copper producer. In addition to being a copper goldmine, the country has a wealth of water resources too, which it exploits to generate over 80% of the country’s electricity as hydropower. Although the Zambian economy now

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