Zambia
The IMF's financial support to Zambia to bail out a massive debt that has put the country in default should be concluded by early September, the financial institution said Wednesday.
In 2020, the southern African country became the first on the continent to default on its estimated $17.3 billion foreign debt during the pandemic.
In December, the government secured a $1.4 billion bailout from the International Monetary Fund, but the three-year agreement in principle was given in exchange for the government's commitment to undertake deep economic reforms.
"Creditors must deliberate and decide. However, we can expect this to go to the IMF board in early September," the Fund's deputy managing director Antoinette Monsio Sayeh told a news conference.
Zambia is due to start a meeting with its creditors on Thursday to begin restructuring its debt and unlocking financing.
"The good news is that all major creditors are ready to start discussions. This brings us closer to the IMF programme," Finance Minister Situmbeko Musokotwane said.
In past negotiations, previous governments have failed to unlock bailouts. However, since the election of President Hakainde Hichilema last year, progress has been made in restoring relations with creditors.
Go to video
IMF bailout won't end economic woes - Akufo Addo
Go to video
IMF approves US$3.5bn aid package for Ivory Coast
01:27
Ukrainian diplomat calls on Africa to support Kyiv against Moscow
Go to video
IMF agrees $1bn loan to cash-strapped Kenya
02:18
Ghana welcomes IMF $3bn bail out package to ease economic hardship in the country
01:19
IMF approves $3bn loan to Ghana