Zambia: Civil society warns against more borrowing

Zambia's decision to keep borrowing could slip the country back into indebtedness even before social expenditure improves, civil society activists have warned. Zambia had its US$7.2 billion external debt slashed to about $500 million, as a reward for sticking with economic reforms under the Heavily Indebted Poor Countries (HIPC) initiative by the International Monetary Fund (IMF) and World Bank.