Zambia’s IMF deal sealed, reading tea leaves from SA data

This week’s rubber-stamping of Zambia’s IMF deal is certainly a welcome step but, with crucial sovereign debt restructuring details unknown, it remains unclear if it will prove to be sufficient to place public debt on a sustainable path. Elsewhere, in South Africa, recently released activity figures were a mixed bag, but we think that the balance will tilt towards bad news for the economy over the coming months as activity is likely to weaken.