Zambia Eurobonds surge after landslide win for opposition leader
Sixth time lucky as Hakainde Hichilema wins election by biggest margin in quarter century
Zambia’s Eurobonds surged the most in more than a year after opposition leader Hakainde Hichilema’s shock landslide victory in the nation’s presidential election.
United Party for National Development’s Hichilema beat incumbent president Edgar Lungu by almost a million votes, the biggest margin of victory in a quarter century, in the August 12 race that had been expected to be closely contested.
The margin of victory provides Hichilema with a strong mandate to take on reforms needed to revive an economy wrecked by years of overspending, that culminated in the nation becoming Africa’s first pandemic-era sovereign defaulter in November. Annual inflation is at the highest in two decades at nearly 25%, and the economy is forecast to only narrowly avoid a second consecutive contraction this year...