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Debt Restructuring in Zambia
10.09.2025 08:45
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Zambia Sovereignty Index (Burke Index), 2024-2025
10.09.2025 06:48
indexLICENCE TO LOOT: THE FAILURE OF CONSTITUTIONALISM IN THE MANAGEMENT OF SOVEREIGN DEBT IN ZAMBIAZambia reached the HIPC completion point in 2005 and had its external debt significantly reduced. The government was cautious to accumulate unsustainable public debt. However, in 2011, a new government was elected into office and has proved less cautious and has accumulated public debt to crisis proportions, under the pretext of infrastructure development. However, evidence is growing that substantial amounts of the moneys being borrowed are being looted through corruption by government officials. This article discusses corruption in Zambia in the contraction and management of public debt. It argues that the looming debt crisis is as a result of failure of constitutionalism in Zambia. The ruling elite, under state authorised looting, have systematically looted substantial amounts of the borrowed money. The article has five sections, the first being the introduction. This is followed by a discussion of the concepts of constitutionalism and how these interplay with corruption and public debt. The third section seeks to demonstrate how corruption has affected the contraction and use of borrowed funds. The fourth section looks at the weaknesses in the legal frameworks that have allowed the looting to go on with impunity. The paper ends with a conclusion.
