IMF board to meet on July 12 for first review of Zambia's programme -sources
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2023-06-29 02:59
By Jorgelina do Rosario LONDON The International Monetary Fund executive board will meet on July 12 to complete

By Jorgelina do Rosario

LONDON The International Monetary Fund executive board will meet on July 12 to complete the first review of its $1.3 billion extended fund facility (EFF) programme for Zambia, according to people with direct knowledge of the matter.

The board meeting comes after Africa's second-biggest copper producer clinched a deal with bilateral creditors such as China and the Paris Club to rework about $6.3 billion of overseas debt. The country will have access to around $188 million after the review is completed.

The IMF reached in April a staff-level agreement on the first review, but a debt restructuring agreement with official creditors was needed before the board could complete the programme's review.

An IMF spokesperson didn't immediately reply to a request for comment.

(Reporting by Jorgelina do Rosario, editing by Rodrigo Campos and Chizu Nomiyama)

Tags economy imf zambia epus finance