The IMF said in a statement that the new Extended Credit Facility arrangement would provide total funding of 978.2 million Special Drawing Rights - about $1.3 billion at current exchange rates - equivalent to 100% of Zambia's Fund quota, or shareholding.
The IMF program aims to restore Zambia's macroeconomic stability through fiscal adjustment and debt restructuring and strengthening economic governance. The IMF said the loan also will catalyze much-needed financial support from development partners and donor countries.In 2020, Zambia became the first African country in the pandemic era to default. The restructuring of its external debt, which amounted to more than $17 billion at the end of 2021, is seen by many analysts as a test case for the region.
Why is the world not condemning TPLFTerroristGroup for using ChildrenOfTigray as ChildSoldiers. We SayNoMore. Join the movement.
Not sure I’d call that a “win”
More imprisonment for an African nation …when does it stop. Perhaps the concept of democracy and capitalism is not the right fit for the continent: