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How Zambia and China Co-Created a Debt "Tragedy of the Commons"

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  • Brautigam, Deborah

Abstract

Zambia's debt difficulties hit headlines in November 2020 when the country defaulted on its Eurobond payments. In August 2021 a new president, Hakainde Hichilema, took office, facing a debt burden that had never been fully transparent to Zambia's public and the world. In this Working Paper, CARI Director Deborah Brautigam analyzes how Chinese creditors, contractors, and Zambian stakeholders failed to take steps to make Zambia's borrowing sustainable. Curious why Zambia was a clear outlier, the author explores the system for project development and loan approval in Zambia and China.

Suggested Citation

  • Brautigam, Deborah, 2021. "How Zambia and China Co-Created a Debt "Tragedy of the Commons"," SAIS-CARI Working Papers 2021/51, Johns Hopkins University, School of Advanced International Studies (SAIS), China Africa Research Initiative (CARI).
    • Handle: RePEc:zbw:cariwp:202151
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    File URL: https://www.econstor.eu/bitstream/10419/248179/1/sais-cari-wp51.pdf
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    Cited by:

    1. Andreas Kern & Bernhard Reinsberg & Patrick E. Shea, 2024. "Why cronies don’t cry? IMF programs, Chinese lending, and leader survival," Public Choice, Springer, vol. 198(3), pages 269-295, March.

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