Africa-Press – Zambia. Finance Minister Situmbeko Musokotwane has expressed confidence that the country’s debt burden will soon be brought under control.
The minister says following the review by the country’s official creditors resulting in the disbursement of 189 million US dollars under the Extended Credit Facility (ECF) the country’s economy will soon be back on track.
Mr. Musokotwane said this at a press briefing in Lusaka today.
He said the successful review by the International Monetary Fund (IMF), the World Bank and other multilateral lenders means that the country will now have more resources channeled into infrastructure development to support investment.
Mr. Musokotwane said the government is on course to ensure that the country’s debt situation is brought under control to encourage investment.
He said going forward the country will focus on getting a deal with private creditors in the second review.
Meanwhile, Bank of Zambia Governor Denny Kalyalya said 50 percent of the 189 million US dollars of the Extended Credit Facility will be channeled to budget support while the other 50 percent will be put into foreign reserve build up.
On July 13 2023 the country’s official creditors comprising the IMF, World Bank and other multilateral lenders successfully reviewed Zambia’s reform efforts resulting in the disbursement of 189 million US dollars under the Extended Credit Facility.
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