Zambia: The neverending borrowing

Zambia's never ending borrowing frenzy continues under the new government without parliamentary oversight, reports the Zambian Economist. 'First we had the announcement that Government has signed a US$50 million loan agreement with the World Bank for "livestock development and animal health project". Separately, the World Bank informed us that it had approved another US$60 million credit to Zambia as part of an effort to reinforce the existing electricity transmission network...The World Bank loan was clearly not enough because Government also is borrowing US$30 million from the European Investment Bank (EIB) for upgrading of the same power transmission line.'