But many of the companies were sold for a song to the government's cronies. The copper mines, Zambia's biggest asset, could not be treated this way without upsetting outsiders. But the government dithered over the sale until last year, and then the mines went for far less than had been offered earlier. The cost of this blunder amounted to about half a year's income for every Zambian. Moreover, before privatisation, much of the mines' cobalt output had been sold cheaply to MRG, a trading firm in the Bahamas.
Someone appears to have made a huge profit by selling the metal on at market prices.
The finance minister, Katele Kalumba, said on March 1st that the government was suing MRG, but gave no details. Much of the aid went to paying old debts. But the government's performance has been woeful. Reforms are rarely followed through, and a fortune is wasted on fripperies. Mr Chiluba has a number of ways to help secure his third term.