A decade ago, Zambia’s then-Finance Minister Alexander Chikwanda bragged in his budget speech that the government’s debut dollar-bond sale attracted bids 22 times the $500 million it sought to raise. Yields were lower than those in Spain -- one of the world’s largest economies.
Now holders of that debt haven’t been paid and will be looking to the 2023 budget for clues on when they’ll get their money back, and how much.
