IMF to unlock nearly $600 million for drought-hit Zambia
The Peninsula
Lusaka: The International Monetary Fund said Tuesday it has agreed to unlock $574 million in financial assistance to support for Zambia following seve...
Lusaka: The International Monetary Fund said Tuesday it has agreed to unlock $574 million in financial assistance to support for Zambia following severe drought.
The "staff-level agreement" follows a review of a $1.3 billion loan the International Monetary Fund granted to the debt-ridden African nation in 2022, and is subject to approval by the IMF's executive board, it said.
Vera Martin, the IMF's mission chief for Zambia, said, "The 2024 outlook has worsened due to the drought; GDP growth is now projected at 2.3 percent, half the forecast in December 2023."
The deal followed a request from Lusaka to increase the loan deal from $1.3 billion to $1.7 billion.
Once approved it will allow Zambia "immediate access" to roughly $574 million, Martin added.
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