IMF turns down Zambia’s recent borrowing plans

IMF Offices in Washington DC of the United States

ZAMBIA’s recent borrowing plans submitted by the Finance Ministry were turned down by the IMF on account of  debt sustainability risk concern, the lender said on 16 February. The IMF cited the undermining of macroeconomic stability and the standards of living of the Southern Africa’s country citizens.

Zambia recently announced leadership changes to key ministries including Finance which saw Felix Mutati transferred to Works and Supply while Margaret Mwanakwatwe – former Commerce and Trade – is now Finance Minister. Zambia is in talks with the IMF for a $USD1.3billion bailout package.

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