IMF, Zambia agree $1.4bn three-year extended credit facility in bid to bring heavily indebted copper producer a step closer to comprehensive debt overhaul
A man walks past Square Revenue House in Lusaka, Zambia. File photo:123RF/DJEMBE
Zambia endured Africa’s first Covid-19-era sovereign default in November 2020 after years of chronic government overborrowing drove its debt burden above 120% of annual economic output. “We expect that if all goes well, we should have agreement with creditors in the middle of next year,” Musokotwane said in parliament ahead of the approval of the 2022 national budget.
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