{"id":30466,"date":"2022-09-04T19:05:22","date_gmt":"2022-09-04T19:05:22","guid":{"rendered":"https:\/\/www.africa-press.net\/zambia\/all-news\/zambia-finally-gets-1-3-billion-imf-bailout"},"modified":"2022-09-04T19:30:23","modified_gmt":"2022-09-04T19:30:23","slug":"zambia-finally-gets-1-3-billion-imf-bailout","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zambia\/all-news\/zambia-finally-gets-1-3-billion-imf-bailout","title":{"rendered":"Zambia finally gets $1.3 billion IMF Bailout"},"content":{"rendered":"

Africa-Press – Zambia. <\/strong><\/span>Zambia has won International Monetary Fund board approval for a $1.3 billion support package, a important step toward the nation restructuring its debt and a boost for the global effort to help indebted developing nations.<\/p>\n

The IMF said in a statement that the 38-month extended credit facility is based on Zambia\u2019s \u201chomegrown economic reform plan that aims to restore macroeconomic stability and foster higher, more resilient, and more inclusive growth.<\/p>\n

The program will also \u201ccatalyze much needed financial support from development partners,\u201d enabling an immediate disbursement equivalent to about $185 million, the fund said.<\/p>\n

The Executive Board\u2019s decision will enable an immediate disbursement equivalent of about US$185 million. Following the Executive Board discussion on Zambia, Ms. Kristalina Georgieva, Managing Director, issued the following statement:<\/p>\n

\u201cZambia continues to face profound challenges reflected in high poverty levels and low growth. The ECF-supported program aims to restore macroeconomic stability and foster higher, more resilient, and more inclusive growth.<\/p>\n

\u201cRestoring fiscal sustainability will require a sustained fiscal adjustment. The authorities\u2019 adjustment plans appropriately focus on eliminating regressive fuel subsidies, enhancing the efficiency of the agricultural subsidy program, and reducing inefficient public investment. Domestic revenue mobilization also needs to support the medium-term adjustment. The adjustment creates fiscal space for increased social spending to cushion the burden on the most vulnerable, help reduce poverty, and to invest in Zambia\u2019s people. The ongoing expansion of the authorities\u2019 Social Cash Transfer program and their plans to increase public spending on health and education are particularly welcome. Together with the fiscal adjustment, Zambia needs a deep and comprehensive debt treatment under the G20 Common Framework to restore debt sustainability.<\/p>\n

\u201cA substantial strengthening of fiscal controls is needed to support the fiscal adjustment, as well as address governance and corruption vulnerabilities. Public investment management and procurement practices need to be strengthened to ensure transparency and the efficient use of scarce resources. It will also be important to bolster the framework for monitoring fiscal risks, particularly those related to large state-owned enterprises.<\/p>\n

\u201cThe Bank of Zambia should continue its efforts to reduce inflation and preserve financial stability. International reserves should be replenished as conditions allow and the exchange rate should continue to reflect market conditions. Addressing high NPL levels and ensuring adequate capital buffers will also be important.\u201d<\/p>\n

Zambia had been seeking endorsement from the Washington-based lender for over three years as the government tries to finalize negotiations to revamp external liabilities that grew to $17.3 billion by the end of last year.<\/p>\n

Chinese lenders account for more than one-third of its official dollar debt. The IMF had needed assurances from Zambia\u2019s official bilateral creditors that they were willing to renegotiate. Those came on July 30, opening the way for the board to consider the bailout request after reaching a staff-level deal in December.<\/p>\n

Zambia applied to restructure its obligations under the Group of 20\u2019s Common Framework guidelines, which brings together members of the Paris Club of mostly rich creditor nations, and China, which has become the world\u2019s biggest official lender.<\/p>\n

Beijing was reluctant to join at first, preferring to negotiate separately. \u201cSecuring timely restructuring agreements with external creditors will be essential for the successful implementation of the new ECF arrangement,\u201d the fund said.<\/p>\n

For More News And Analysis About Zambia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zambia. Zambia has won International Monetary Fund board approval for a $1.3 billion support package, a important step toward the nation restructuring its debt and a boost for the global effort to help indebted developing nations. The IMF said in a statement that the 38-month extended credit facility is based on Zambia\u2019s \u201chomegrown […]<\/p>\n","protected":false},"author":84,"featured_media":30465,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,7,8,12,16],"tags":[234,235,233],"class_list":["post-30466","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-head-lines","category-homepage-english","category-policy","category-twitter","tag-africa-press","tag-africa-press-zambia","tag-zambia"],"yoast_head":"\nZambia finally gets $1.3 billion IMF Bailout - Zambia<\/title>\n<meta name=\"description\" content=\"Zambia has won International Monetary Fund board approval for a $1.3 billion support package, a important step toward th ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zambia\/all-news\/zambia-finally-gets-1-3-billion-imf-bailout\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Zambia finally gets $1.3 billion IMF Bailout\" \/>\n<meta property=\"og:description\" content=\"Zambia has won International Monetary Fund board approval for a $1.3 billion support package, a important step toward th ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zambia\/all-news\/zambia-finally-gets-1-3-billion-imf-bailout\" \/>\n<meta property=\"og:site_name\" content=\"Zambia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-09-04T19:05:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-09-04T19:30:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2022\/09\/postQueueImg_1-6314fc91974af.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"404\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/zambia-finally-gets-1-3-billion-imf-bailout#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/zambia-finally-gets-1-3-billion-imf-bailout\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Zambia finally gets $1.3 billion IMF Bailout\",\"datePublished\":\"2022-09-04T19:05:22+00:00\",\"dateModified\":\"2022-09-04T19:30:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/zambia-finally-gets-1-3-billion-imf-bailout\"},\"wordCount\":552,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/zambia-finally-gets-1-3-billion-imf-bailout#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2022\/09\/postQueueImg_1-6314fc91974af.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Zambia\",\"Zambia\"],\"articleSection\":[\"all news\",\"head lines\",\"homepage-english\",\"policy\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/zambia\/all-news\/zambia-finally-gets-1-3-billion-imf-bailout#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/zambia-finally-gets-1-3-billion-imf-bailout\",\"url\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/zambia-finally-gets-1-3-billion-imf-bailout\",\"name\":\"Zambia finally gets $1.3 billion IMF Bailout - 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