{"status":"success","status_code":200,"message":"Data Successful.","results":{"id":23314,"date":"2022-09-01T12:42:12","date_gmt":"2022-09-01T08:42:12","guid":{"rendered":"https:\/\/english.lematinal.media\/?p=23314"},"modified":"2022-09-01T12:42:12","modified_gmt":"2022-09-01T08:42:12","slug":"zambia-wins-imf-board-approval-for-1-3-billion-loan-programme","status":"publish","type":"post","link":"https:\/\/english.lematinal.media\/zambia-wins-imf-board-approval-for-1-3-billion-loan-programme\/","title":{"rendered":"Zambia Wins IMF Board Approval For $1.3 Billion Loan Programme"},"content":{"rendered":"

Zambia got an International Monetary Fund approval for a $1.3 billion, 38-month loan program on Wednesday. This is a crucial step in the southern African country’s quest to restructure its debts and reignite its economy which has been ravaged by mismanagement and COVID-19.<\/p>\n

The IMF said in a statement that the new Extended Credit Facility arrangement would provide total funding of 978.2 million Special Drawing Rights – about $1.3 billion at current exchange rates – equivalent to 100% of Zambia’s Fund quota, or shareholding.<\/p>\n

Approval by the IMF’s Executive Board will unlock an immediate disbursement of about $185 million, the Fund said.<\/p>\n

China and France – Zambia’s main creditors pledged in late July to negotiate a restructuring of the country’s debts. This move was welcomed by IMF Managing Director Kristalina Georgieva who said it was “clearing the way” for the new Fund program.<\/p>\n

“Zambia continues to face profound challenges reflected in high poverty levels and low growth,” Georgieva said on Wednesday. “The ECF-supported program aims to restore macroeconomic stability and foster higher, more resilient, and more inclusive growth.”<\/p>\n

Georgieva said in a Twitter message the Zambia loan approval was a “major milestone” for the long-stalled G20 effort. \u00a0This showed that IMF can deliver results for other debt-burdened countries.<\/p>\n

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Congratulations to \ud83c\uddff\ud83c\uddf2 President @HHichilema<\/a> & his team on the $1.3 billion IMF program approved by the IMF Board today.<\/p>\n

We\u2019re proud to support Zambia\u2019s homegrown reforms and actions to help build a better future for all Zambians. https:\/\/t.co\/3bVrWF6v3x<\/a> pic.twitter.com\/bTlmJi6GG0<\/a><\/p>\n

— Kristalina Georgieva (@KGeorgieva) August 31, 2022<\/a><\/p><\/blockquote>\n