Zambia asks IMF for help to boost reserves

Zambia is in talks with the International Monetary Fund (IMF) for loans of about $200m to help bolster its foreign-currency stockpile.

Caleb Fundanga, the governor of the Bank of Zambia, said in an interview with Bloomberg on Wednesday, that negotiations were ongoing and that a final loan amount was yet to be agreed upon.

The governor said that loan would be used to increase foreign currency reserves, which now cover about two and half months-worth of imports when excluding the mining industry

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