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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:The impact of external debt management on Zambia's negotiating relationship with foreign investors
Author:Kamuwanga, Mwangala B.
Periodical:Zambia Law Journal
Notes:biblio. refs.
Geographic terms:Zambia
Central Africa
Subjects:external debt
economic policy
Economics, Commerce
Investments, Foreign
Debt management
Abstract:Factors contributing to Zambia's external debt are both internal and external. Internally, there has been heated debate as to the appropriateness of the policies adopted in the 1964-1978 pre-debt management period. However, it is not unequivocally clear that bad policies per se are the main culprit for the current economic situation. External factors, in particular changes in the international economic environment from the 1970s to the mid-1980s, have also had a major impact on Zambia's external debt position. At the end of 1983, Zambia's external debt had more than tripled in about ten years. Zambia's policy under external debt management, since 1978 to date, has been increasingly dominated by IMF conditionality. The most direct impact of external debt management is that Zambia can only pursue economic policies supported by its creditors, as further disbursements are conditional on this cooperation. Creditors' enforcement of market-oriented policies is at odds with Zambia's own goal of economic self-determination. Ref.