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The Executive Board of the International Monetary Fund (IMF) has approved a 38-month financial aid under the Extended Credit Facility (ECF). This is an amount equivalent to SDR 978.2 million (around US$1.3 billion, or 100% of the quota) for Zambia.
The economic reform plan for the country aims to restore macroeconomic stability and foster higher, more resilient, and more inclusive growth. The IMF recognized that Zambia is dealing with the legacy of years of economic mismanagement, with an especially inefficient public investment drive. Growth has been terribly low to reduce rates of poverty, inequality, and malnutrition which are amongst the highest in the world.
Zambia is in debt distress and needs a deep and comprehensive debt treatment. The ECF-supported program will help re-establish sustainability through fiscal adjustment and debt restructuring, create fiscal space for social spending to cushion the burden of adjustment, and strengthen economic governance, including improving public financial management.
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The program will also catalyse much-needed financial support from development partners. The Executive Board’s decision will enable an immediate disbursement equivalent to SDR 139.88 million (about USD 185 million).
The Waldorf Astoria resort on Seychelles’ Platte Island is expected to open by October 2023, two months ahead of schedule, said a top official. Glenny Savy, the chief executive of the state-owned Islands Development Company (IDC) that manages Platte Island, gave an update on the hotel development.
Initially, the opening of the hotel was planned for December 2023, but Savy said that since they are ahead of schedule, this might bring the date forward to October next year. Work restarted on the luxury hotel early last year and Savy said that “over the last six months it has been difficult to get our orders on time due to shipping problems. “He said that despite the delays, work is ahead of target and IDC expects to hand over the keys to the Hilton group by the end of July next year.
