Economic news

IMF sees Zambia agreement with official creditors ‘within a few days’

2023.06.20 22:40


© Reuters. FILE PHOTO: A man walks past the International Monetary Fund (IMF) logo at its headquarters in Washington, U.S., May 10, 2018. REUTERS/Yuri Gripas

NEW YORK (Reuters) – The International Monetary Fund is encouraged by the progress in discussions between Zambia and its official creditors, and an agreement could be reached “within a few days,” the fund said in a statement on Tuesday.

“We are very encouraged by the significant progress being made in discussions between official creditors and Zambia on a potential debt treatment,” a spokesperson for the fund wrote.

“We expect an agreement could be reached within a few days, which would allow the Executive Board consider the first review of the Fund-supported program within a few weeks.”

The IMF said in early April that the next $188 million payout from a $1.3 billion support loan to Zambia was contingent on the government’s reaching an agreement with its creditors.

Zambia’s hopes of restructuring about $12.8 billion of external debt have been hampered by the concerns of its main creditors about the required scale of relief.

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