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Zambia: IMF Boss' Historic Trip to Zambia
Times of Zambia, 25 January 2023
INTERNATIONAL Monetary Fund (IMF) Managing Director Kristalina Georgieva has been in Zambia since Sunday on her official visit under the theme, "Building a more resilient and… Read more »
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Zambia: IMF MD Kristalina Georgieva in Zambia to Discuss Debt and Economic Support
Times of Zambia, 23 January 2023
ZAMBIA has been a member of the 79-year-old International Monetary Fund (IMF) since 1965, a year after the dawn of the southern African country's political independence. Read more »
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Zambia: IMF Chief Praises Zambia's Reforms, Pushes Creditors On Debt
VOA, 25 January 2023
The head of the International Monetary Fund is praising Zambia's efforts to reform its economy and urging its creditors to restructure the country's debts. Zambia was the first… Read more »
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Zambia: Statement by IMF Managing Director Kristalina Georgieva at the Conclusion of Her Visit to Zambia
IMF, 26 January 2023
Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), issued the following statement today in Lusaka at the conclusion of her January 22-24 visit to… Read more »
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Zambia: Zambia Receives IMF Bailout for Debt Reduction Plan
VOA, 1 September 2022
Zambia's President Hakainde Hichilema has pledged to improve the country's financial situation after it received a $1.3 billion bailout from the International Monetary Fund. Zambia… Read more »
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Zambia: Zambia On the Brink of Historic Debt Relief Deal
Daily Maverick, 22 July 2022
The deal that Zambia strikes with its many international creditors could set a precedent for Africa. Read more »
IMF Chief Praises Zambia's Reforms, Pushes Creditors On Debt
The head of the International Monetary Fund Kristalina Georgieva has praised Zambia's efforts to reform its economy and urged its creditors to restructure the country's debts. Zambia defaulted on its debt in November 2020, the first African country to do so after the Covid-19 pandemic. Georgieva applauded Zambia's efforts to reform its economy, saying it had done its part and urging its creditors to do theirs. She said the IMF had reached an understanding in principle with China to restructure almost U.S.$6 billion Zambia owes Beijing, one of its main creditors.
However, the country's debt problem predates the pandemic. The government, under former President Edgar Lungu from 2015, more than doubled Zambia's debt as a percentage of GDP while corruption and wasteful expenditure exacerbated the situation, which Lungu's former ruling party rejects.
Current President Hakainde Hichilema, elected in 2021, pledged to tackle corruption and secured U.S.$1.3 billion in IMF support for Zambia's debt with reforms that cut wasteful spending.
International Monetary Fund Managing Director Kristalina Georgieva participates in bilateral meeting with President of Zambia Hakainde Hichilema at the State House in Lusaka, Zambia, January 2023.
