IMF to grant Zambia financial relief in return for ‘bold’ reforms

The International Monetary Fund (IMF) has announced plans to give financial relief to Zambia in return for economic reforms.

After talks with the Zambian government, IMF chief negotiator Allison Holland, said in a statement on Friday.

Holland said that a three-year reform programme in the heavily indebted landlocked country could be supported with loans of up to 1.4 billion dollars.

“This agreement is based on the authorities’ plans to undertake bold and ambitious economic reforms.”

She said further details would be announced on Monday.

The statement stressed that such an agreement would still need approval from the relevant bodies.

Africa’s former flagship democracy, with its rich copper deposits, is in the midst of an economic crisis, exacerbated by strict coronavirus-related restrictions.