Zambia hopes to get extra $145 million from IMF programme extension
FILE PHOTO: Zambia's Finance Minister Situmbeko Musokotwane takes part in a panel during the annual meeting of the International Monetary Fund and the World Bank in Marrakech, Morocco, October 14, 2023. REUTERS/Susana Vera/File Photo
LUSAKA - Zambia hopes to get an additional $145 million by extending its International Monetary Fund programme by another 12 months, its finance minister said on Tuesday.
The Southern African copper-producing country has been trying to get its public finances back on track after running up a huge debt pile.
It said last month that it would ask the IMF to extend its loan programme, which is due to expire in October, but did not say how much more money it was seeking.
So far it has received about $1.55 billion under the $1.7 billion Extended Credit Facility.
"The IMF programme gives the assurance that we are running things prudently," Finance Minister Situmbeko Musokotwane told a press conference.
"The (additional) financial support we are looking at is about $145 million," Musokotwane added.
He said if Zambia were to end its IMF programme in October it would also lose some donor support that is contingent on an IMF programme being in place.
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Zambia's dollar bonds were slightly stronger on Tuesday, with the 2053 maturity up 0.3 cents to bid at 73.09 on the dollar, Tradeweb data showed. REUTERS
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