{"id":45117,"date":"2022-09-03T01:09:04","date_gmt":"2022-09-03T01:09:04","guid":{"rendered":"https:\/\/thefreezonechannel.com\/?p=45117"},"modified":"2022-09-03T01:09:11","modified_gmt":"2022-09-03T01:09:11","slug":"debt-ridden-zambia-gets-imfs-1-3-billion-bailout","status":"publish","type":"post","link":"https:\/\/thefreezonechannel.com\/old\/debt-ridden-zambia-gets-imfs-1-3-billion-bailout\/","title":{"rendered":"Debt ridden Zambia gets IMF\u2019s $1.3 billion bailout"},"content":{"rendered":"

The International Monetary Fund (IMF) has approved a $1.3 billion loan to Zambia to help the debt-ridden country restore fiscal stability.<\/p>\n\n\n\n

In 2020, battering the Covid-19 pandemic and choking under the weight of loans, Zambia became the first country in Africa to default on foreign debt.<\/p>\n\n\n\n

According to official government data, the southern African country\u2019s debt totalled $31.74 billion at the end of 2021, of which $17.27 billion was external debt, mostly from two Eurobonds and China.<\/p>\n\n\n\n

Read: Zambia finds $2 bn more debt on books, with China major creditor<\/p>\n\n\n\n

Africa\u2019s second-largest copper producer has struggled to jumpstart its economy as it grapples with a debt load reaching 120 percent of the GDP.<\/p>\n\n\n\n

The country had reached a tentative agreement with IMF in December for a $1.3 billion facility, contingent on Zambia taking steps to reduce its debt to levels IMF deemed sustainable.<\/p>\n\n\n\n

Zambia to cancel debts in economic revival bid<\/p>\n\n\n\n

In late July, its creditors led by China and France, pledged to negotiate a restructuring of Zambia\u2019s debts, a move IMF Managing Director Kristalina Georgieva said was \u201cclearing the way\u201d for funding.<\/p>\n\n\n\n

Since coming into power a year ago, the new government of Hakainde Hichilema has made progress in restoring relations with donors as it tackles years of economic mismanagement.<\/p>\n\n\n\n

The IMF says the $1.3 billion credit line will help Lusaka\u2019s homegrown reform plan to \u201crestore debt sustainability, create fiscal space for much-needed social spending, and strengthen economic governance\u201d.<\/p>\n\n\n\n

The IMF statement said Zambia\u2019s economic growth \u201chas been too low to reduce rates of poverty, inequality, and malnutrition that are amongst the highest in the world.<\/p>\n\n\n\n

\u201cZambia is in debt distress and needs a deep and comprehensive debt treatment to place public debt on a sustainable path\u201d.<\/p>\n\n\n\n

President Hichilema welcomed the IMF decision Thursday and pledged that his government would avoid borrowing recklessly while implementing reforms to fix the economy.<\/p>\n\n\n\n

The approval by the IMF\u2019s Executive Board will unlock an immediate disbursement of about $185 million.<\/p>\n\n\n\n

EastAfrican<\/a><\/p>\n\n\n

\n <\/div>\n","protected":false},"excerpt":{"rendered":"

The International Monetary Fund (IMF) has approved a $1.3 billion loan to Zambia to help the debt-ridden country restore fiscal stability. In 2020, battering the Covid-19 pandemic and choking under the weight of loans, Zambia became the first country in Africa to default on foreign debt. According to official government data, the southern African country\u2019s […]<\/p>\n","protected":false},"author":2,"featured_media":25088,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[949,241],"tags":[156,103],"class_list":["post-45117","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-foreign","tag-imf","tag-zambia","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"\nDebt ridden Zambia gets IMF\u2019s $1.3 billion bailout - The Freezone Channel<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thefreezonechannel.com\/old\/debt-ridden-zambia-gets-imfs-1-3-billion-bailout\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Debt ridden Zambia gets IMF\u2019s $1.3 billion bailout - The Freezone Channel\" \/>\n<meta property=\"og:description\" content=\"The International Monetary Fund (IMF) has approved a $1.3 billion loan to Zambia to help the debt-ridden country restore fiscal stability. 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