IMF signs off on $1.3bn package for Zambia

Bank of Zambia
Bank of Zambia

The executive board of the International Monetary Fund has approved a $1.3 billion funding package for Zambia, offering a major boost to the troubled African economy.

Zambia has been dealing with the legacy of “years of economic mismanagement”, IMF directors said in a statement on August 31. “Growth has been too low to reduce rates of poverty, inequality, and malnutrition that are amongst the highest in the world. Zambia is in debt distress and needs a deep and comprehensive debt treatment to

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