The IMF said that an agreement by Zambia's creditors to restructure the country's crushing debt load has helped clear the way for IMF-support funds.
AFP/Brendan Smialowski
Its support"for Zambia's envisaged IMF-supported program, together with its commitment to negotiate debt restructuring terms, accordingly, provides the IMF with official financing assurances," Georgieva said. In 2020, as the Covid-19 pandemic battered Africa, Zambia became the first country on the continent to default on its foreign debt -- estimated at $17.3-billion.
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