Zambian President Hakainde Hichilema. Picture: MIKE HUTCHINGS/REUTERS
The visit to SA by Hichilema, who is often compared to President Cyril Ramaphosa because of his history as a wealthy business person who later took the highest political office, came about a week after the confirmation of a $750m World Bank loan for SA to help deal with Covid-19. At the height of the crisis, SA took a $4.3bn loan from the IMF, breaking somewhat of a taboo, as the ANC has seen taking such loans as inimical to national sovereignty.
“When there is resistance, it means we cannot implement the necessary restructuring measures, including institutional strengthening.” Zambia in November 2020 became the first African country to default on its debt in the wake of the Covid-19 outbreak, stopping debt service payments on $3bn of eurobonds. It also struck a deal to delay payments to China, while talks with private sector creditors are ongoing.
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