Zambia Receives IMF Bailout for Debt Reduction Plan: Zambia
President Hakainde Hichilema, speaking Thursday at the launch of plans aimed at boosting the country's socioeconomic development, said the IMF Executive Board had approved a financial assistance program for Zambia.
The $1.3 billion bailout is aimed at kickstarting the country's economy and restructuring its debt. The plan allows Zambia to immediately access $185 million. According to Zambian government debt data, the country accumulated $31.74 billion by the end of 2021, of which $17.27 billion was external debt.In November 2020, Zambia was unable to make its payments on a $42.5 million Eurobond, becoming the first African country in the pandemic era to default on its debt.
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