KIMAROSE ZAMBIA

 Economist Takes Zambia from Default to Investor Darling Zambia’s new president, Hakainde Hichilema, is turning the nation’s economic fortunes around barely a week into the job. The southern African nation’s currency and dollar bonds have surged to become the world’s best performers since he was announced the winner of Aug. 12 elections.  His pick of economist Situmbeko Musokotwane as finance minister has gone down well with investors, as have his pronouncements that he’ll speedily conclude a financing deal with the International Monetary Fund and court foreign investment.  Zambians have grown used to bad news in recent years.  Production of copper, which accounts for more than 70% of export earnings, stagnated as the government clashed with mining companies. The kwacha currency depreciated from 5.10 to the dollar at the end of 2011 to a record low 22.68 this year. Annual inflation reached almost 25% in July, the highest level in nearly two decades. The change in pow...

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