Zambia to get $1.3 bn from IMF

LUSAKA. — Zambia is ready to access $1.3 billion interest free financing from the International Monetary Fund (IMF) from on-going negotiations to help its economic recovery program, state media reported on Sunday.

A delegation from the IMF is in Zambia to hold talks with the government on a financing agreement, which is expected to be concluded in June. Initial talks commenced in March last year.

Minister of Finance Felix Mutati told the Zambia Daily Mail that the country needs half a billion dollars of external borrowing this year to meet the budget requirements in order to ensure smooth running of the economy.

He however said the country has come up with its own economic recovery program and that the IMF will not dictate anything, adding that there was no need for apprehension by stakeholders on the financing programme. — Xinhua.

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  • Kuta Kinte

    The cache is to prove to all neighbouring countries that if you take back your land, not only will you get sanctioned, you will also receive assistance to improve your economy.

  • Kuta Kinte

    The IMF is only trying to send the message to all African countries, especially those which share the same borders with Zimbabwe that they should never contemplate to take back their land. However Zimbabwe will never be a colony again no matter what type of bait used.