Last December, the government secured a $1.4 billion bailout in principle from the International Monetary Fund. However, the government’s commitment to undertake deep economic reforms was a precondition to the three-year agreement.
Zambia became the first African country to default on its estimated $17.3 billion foreign debt during the pandemic in 2020. Last December, the government secured a $1.4 billion bailout in principle from the International Monetary Fund. However, the government’s commitment to undertake deep economic reforms was a precondition to the three-year agreement.
The IMF’s deputy managing director Antoinette Monsio Sayeh told a news conference on 15 th June that its financial support to Zambia to bail out its massive debt may be finalised by early September. It is expected that the same will be presented to the IMF board in September. Zambia has started discussions with its creditors on June 16 th to start restructuring its debt and unlocking financing.
Read Also
https://trendsnafrica.com/bank-of-zambia-to-build-up-gold-reserves-to-stabilize-value-kwacha/
