Leaning Against Economic Winds: Zambia’s Problems with HIPC
نویسنده
چکیده
Introduction/background In recent months there has been heated debates on Zambia's economic governance especially as it relates to prudent fiscal management. Being a heavily donor dependent country with over 40% of its national budget supported by external resources, Zambia has had no choice but to abide by the Post-Washington consensus—a new economic doctrine supported by our external financiers, the International Monetary Fund (IMF) and the World Bank which emphasises among other things, privatisation of State Owned Enterprises (SOEs), fiscal discipline in the public sector, trade liberalisation and market deregulation. A quick analysis of the Post-Washington economic tenets reveals that they are predicated on the neo-liberal economic framework which epitomises the market as the best tool to manage scarce national resources among competing needs.
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