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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:A critique of the legal framework governing sovereign debt in Zambia
Author:Munalula, Mulela MargaretISNI
Periodical:Zambia Law Journal
Geographic term:Zambia
Subjects:external debt
executive power
Abstract:This article reviews the law and institutions in Zambia which regulate governmental power to borrow from foreign sources. Key to the analysis is the gap between law and society, which determines the extent to which the executive arm of government is able to exercise uncontrolled power over borrowing and debt management. The Minister of Finance is the principal government entity entrusted with matters of debt management. The three constitutional mechanisms set up specifically to monitor and check the powers of the Minister of Finance and the government - the Auditor-General, the Attorney-General, and the Parliament - have been subordinated to the powers of the Minister of Finance. Attempts by Zambia's foreign creditors to improve the debt management framework are limited. Creditor involvement in the debt management process has entrenched the role of creditors. It has not ensured public accountability or strengthened domestic control mechanisms to any significant extent. Notes, ref.