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Zambia clears debt hurdle, CBN stepping up

Zambia secured an debt restructuring deal with private bondholders this week. It looks like it has the seal of approval from official creditors, paving the way for the country to finally exit default. However, Zambia’s experience doesn’t bode well for other countries at risk of default and that owe large debts to China. Elsewhere, the Central Bank of Nigeria’s 200bp rate hike this week was larger than most had expected and adds to the evidence that monetary and exchange rate policy are heading in the right direction. The fiscal position is the next issue that warrants attention.

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