While currencies like the Kenyan shilling and the Nigerian naira lost value in 2021, the Zambian kwacha enters the new year with some serious momentum. The kwacha surged 27% last year, mostly on the hope that President Hakainde Hichilema will turn around the economy and restructure the country’s huge $17 billion debt — almost a third of which is owed to Chinese creditors.
Beyond a $1.4 billion IMF deal, President Hichilema has yet to provide details on how he plans to do to reach a settlement with creditors. Meanwhile, the strong kwacha and high copper prices are buying him a bit more time to reach a deal. (BLOOMBERG)
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