Category: Economy

According to a budget plan presented by Zambia’s Ministry of Finance on Sunday July 17th, the Zambian economy is projected to grow by just 2.7% in 2023, down from 4.7% in 2022, as contractions in the mining and energy sectors restrain development. After becoming the first country in Africa to default on its sovereign debt in 2020, Zambia and the International Monetary Fund (IMF) have now finalized a long-delayed debt restructuring plan. According to research from the IMF, this will save the southern African nation $7.65 billion by 2026. According… Read More Here

The Executive Board of the International Monetary Fund (IMF) has approved for the immediate disbursement of 189 million dollars under the Extended Credit Facility Arrangement. This brings Zambia’s total disbursements under the Extended Credit Facility Arrangement to about 374 million dollars. The facility seeks to support Zambia’s homegrown economic reform plan to restore macroeconomic stability and foster higher, more resilient, and more inclusive growth. IMF Managing Director, KRISTALINA GEORGIEVA says Zambia has made commendable efforts over the past two years to stabilize the economy, despite the continuation of significant external… Read More Here

Zambia’s overseas bondholders have entered into non-disclosure agreements (NDA) with the government as of Wednesday July 12th, according to three sources, a key step marking the beginning of formal talks to restructure over $3 billion of international bonds. The government is expected to share with some of its biggest international bondholders – members of the creditor committee – detailed information that will form the basis of debt restructuring talks as early as Wednesday, said the sources with direct knowledge, who asked not to be identified because talks are private. The… Read More Here