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.