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What Did We Learn From Zambia’s Eurobond Default?

File photo of Zambian president Edgar Lungu. GULSHAN KHAN / AFP

As expected for months, Zambia now has the dubious distinction of being the first African country this year to default on a portion of its debt. While many have framed Zambia’s failures as a consequence of the ongoing COVID-19 pandemic, many analysts have pointed out that the country’s failures pre-date the outbreak and have more to do with the government’s incompetent fiscal management than anything else.

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