Zambia
Zambia has withdrawn its request for a one-year extension of its Extended Credit Facility (ECF) with the International Monetary Fund, the IMF said on Wednesday. No reason has been given for the turnaround.
The ECF was agreed in 2022 to help Zambia stabilise its finances after defaulting on its international debt two years earlier.
A one year extension would have released an addition $145 million and kept IMF monitoring in place.
Instead the southern African nation will have to rely on domestic revenues, markets and other partners to plug any remaining financial gaps.
Zambia is facing double-digit inflation ahead of August’s general election. The government is projecting an improved financial forecast for 2026, predicting that the budget deficit will fall by more than half and that growth will exceed 6 percent.
The Fund’s sixth and final review of Zambia’s ECF arrangement is scheduled to go to the board at the end of this month.
11:16
Global aircraft parts shortage grounds African airlines [Business Africa]
00:02
Ghana's ex-finance minister Ken Ofori-Atta detained by US immigration authorities
11:17
Africa's economy to expand in 2026 despite risks [Business Africa]
01:52
Zambia and Morocco brace for high-stakes AFCON group clash
11:18
Making Africa’s Creative Sector Bankable {Business Africa}
11:17
DRC-US mineral pact offers optimism—and inherent hurdles [Business Africa]