IMF reaches staff-level agreement with Zambia on new credit facility
The IMF said on Friday it had reached a staff-level agreement with Zambia on a new extended credit facility arrangement for the southern African country.
The proposed arrangement would support Zambia's efforts to safeguard macroeconomic stability and debt sustainability as well as its balance-of-payments and fiscal financing needs, the International Monetary Fund said in a statement. The country's previous $1.7 billion IMF programme, which helped it emerge from a prolonged debt crisis after becoming Africa's first COVID-19 pandemic-era sovereign default in 2020, expired in January.
The new agreement, which will give Zambia access to 1,076 million Special Drawing Rights, comes as the country prepares its 2027 budget, with the finance ministry saying this week that government spending is projected to rise by 7%.
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