ured in nearly $150m before being forced to close it down anyway. The affair has been a bad blow to confidence in the government's openness and management ability--and, in the short term, has made nonsense of the budget targets as well."
Zambia concluded a debt buyback agreement in 1994 under the aegis of a World Bank program to clear the bank debt of the world's poorest countries. The move toward liberalization of exchange systems in Africa is reflected in the growing number of countries that have removed restrictions on current account transactions and have accepted the obligations of Article VIII, Sections 2, 3, and 4 of the IMF's
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