Zambia wants to extend IMF loan programme by 12 months

Zambia's government wants to extend its International Monetary Fund programme another 12 months beyond its current expiry at the end of October, a cabinet statement said on Wednesday.The copper-rich Southern African nation has been trying to get its public finances back on track with IMF support after running up a huge debt pile.The Reuters Daily Briefing newsletter provides all the news you need to start your day. Sign up here.Its 38-month Extended Credit Facility was approved in August 2022 for an initial $1.3 billion but was later increased to $1.7 billion. So far about $1.55 billion has been disbursed.The cabinet statement said Finance Minister Situmbeko Musokotwane had been authorised to ask the IMF for the 12-month extension."The objective is to consolidate the gains achieved during the programme period into 2026" and help support economic reforms, the statement said.A finance ministry spokesperson declined to elaborate when contacted by Reuters.Zambia defaulted on its external debt in 2020 after years of unsustainable borrowing but battled its way to a restructuring deal with its primary creditors last year. It is still seeking to agree restructuring terms with smaller creditors including Afreximbank.Advertisement · Scroll to continueThe IMF's board last week approved a $184 million disbursement to Zambia after completing the fifth programme review.

Zambia wants to extend IMF loan programme by 12 months

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Zambia wants to extend IMF loan programme by 12 months

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