IMF approves final review for loan to Zambia, unlocking $190 million
## International Monetary Fund Approves Zambia's Final Lending Review
International Monetary Fund Approves Zambia's Final Lending Review
The International Monetary Fund (IMF) has completed its final review of Zambia's lending program, authorizing a release of $190 million. This marks the sixth and concluding credit facility approved by the IMF for Zambia.
Originally, in 2022, Zambia sought $1.3 billion in financing from the IMF, which was subsequently adjusted to $1.7 billion. This adjustment aimed to assist the nation in avoiding debt default and addressing economic challenges.
Zambia initially anticipated securing an additional $145 million loan extension but later retracted this request. The nation intends to depend on domestic revenues, markets, and other partnerships to address any remaining financial needs.
The International Monetary Fund (IMF) has completed its final review of Zambia's lending program, authorizing a release of $190 million.
Facing double-digit inflation, Zambia is approaching a general election in August. The government anticipates an improved financial outlook by 2026, with projections indicating a budget deficit reduction by more than half and economic growth exceeding 6 percent.
The IMF's sixth and final review of Zambia's Extended Credit Facility (ECF) arrangement is expected to be presented to the board by the end of this month.
Based on reporting by Africanews.
