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Zambia’s Minister of Technology and Science Felix Mutati said that his country has started reaping dividends from the debt restructuring deal clinched by the UPND administration from the country’s official creditors
Zambia’s Minister of Technology and Science Felix Mutati said that his country has started reaping dividends from the debt restructuring deal clinched by the UPND administration from the country’s official creditors. Multilateral agencies such as the World Bank and the IMF have come on board to provide the much-needed resources to drive the country’s economy, he added.
He indicated that prior to Zambia clinching the debt restructuring deal multilateral institutions withheld the much-needed financing to steer the national economy. As a part of the successful negotiations, Zambia followed a successful debt restructuring deal. The IMF will this year provide US$188 million to Zambia, the minister added. The World Bank will also give Zambia US$75 million.
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Zambia, the minister emphasized, stood to immensely benefit from the debt relief as evidenced by the colossal amounts of money that was trickling into the country. The money which was being withheld by international lending institutions is now being availed. Mutati says Zambia has graduated from the exclusive circle of nations that were termed defaulters.
