he International Monetary Funds IMF has approved the final review of Zambia's lending program
IMF approves final review for loan to Zambia, unlocking $190 million
Presidential candidate Hakainde Hichilema addresses his supporters after they demonstrated outside the presidential election results center in Lusaka Wednesday, Jan, 21, 2015
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This is the sixth and final credit facility by the IMF board to the Southern African nation, unlocking $190 million.
In 2022, Lusaka had sought a $1.3 billion in financing from the IMF, which was later revised to $1.7 billion to help it avoid debt default and other economic woes.
Zambia had hoped to secure a total of $145 million loan extension, but later withdrew the request.
Instead, the southern African nation said it 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.