Afpedia Products For Sellers For Buyers Trade Shows Industrial Cluster

Online Translation

Sign In

Join Now



Zambia wins IMF board approval for $1.3 billion loan program

Zambia wins IMF board approval for $1.3 billion loan program

Image from Africanews

The International Monetary Fund (IMF) has granted Zambia $1.3 billion in support as part of an agreement to restructure the massive debt that has sunk the southern African country's economy.

The three-year programme aims to "restore debt sustainability, create fiscal space for essential social spending and strengthen economic governance," the IMF said in a statement late Wednesday.

In 2020 during the pandemic, Zambia became the first African country to have defaulted on its estimated $17.3 billion external debt.

"Substantial strengthening of fiscal controls is needed to support fiscal adjustment, as well as to address governance and corruption vulnerabilities," said IMF Managing Director Kristalina Georgieva.

In addition, growth "has been too low to reduce poverty, inequality, and malnutrition rates, which are among the highest in the world," the Fund said.

"Zambia is in debt distress and needs a deep and comprehensive debt treatment."

In past negotiations, previous governments have failed to unlock bailout packages.

But since the election of President Hakainde Hichilema last year, progress has been made in restoring relations with creditors.

Follow Us:
As an authority of media industry, we can provide you integrated brand communication on your products! Reasonable advertising prices will let you enjoy great over-valued service!”
Customized Service
Customized information such as product prices, company trends, market forecasts, price curves, etc. will help you fully grasp the latest trend!
Tailor-made, in-depth, professional research reports which will explore the business opportunities is your effective decision-making reference!
Professional and accurate trade data will help you break through the export bottleneck of products, track peer dynamics, and grasp industry trends!

Buyers Suppliers

Hot Search