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Business Insider
5 days ago
- Business
- Business Insider
Zambia seeks extra $145 million through IMF programme extension
Zambia is seeking an additional $145 million by extending its International Monetary Fund (IMF) programme by 12 months. Zambia plans to extend its IMF programme by 12 months to secure an additional $145 million in funding. The nation aims to stabilize its finances after years of increasing debt. Zambia has already received approximately $1.55 billion under the $1.7 billion IMF Extended Credit Facility. Zambia is seeking an additional $145 million by extending its International Monetary Fund (IMF) programme by 12 months, Finance Minister Situmbeko Musokotwane said on Tuesday. The copper-rich Southern African nation is striving to restore fiscal stability after years of mounting debt. As of July 2025, Zambia ranks among the African countries with the highest debt exposure to the International Monetary Fund (IMF). Last month, Zambia announced plans to request an extension of its $1.7 billion Extended Credit Facility (ECF), which is scheduled to expire in October, Reuters reported. However, it had not disclosed how much additional funding it would seek. To date, the country has received around $1.55 billion under the programme. "The IMF programme gives the assurance that we are running things prudently," Finance Minister Situmbeko Musokotwane said. 'The additional support we are looking at is about $145 million.' Maintaining donor confidence He warned that terminating the programme in October could jeopardise other forms of donor assistance, much of which is tied to Zambia maintaining an active IMF arrangement. An IMF spokesperson confirmed that the Zambian government had informed the Fund of its intention to request a 12-month extension, adding that discussions would take place during the next programme review.
Reuters
5 days ago
- Business
- Reuters
Zambia hopes to get extra $145 million from IMF programme extension
LUSAKA, Aug 5 (Reuters) - 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. The IMF said via a spokesperson that the team working on Zambia was told of the government's intention to request a 12-month programme extension and that discussions would take place in the context of the next review. Zambia's dollar bonds were slightly up in price on Tuesday, with the 2053 maturity up 0.5 cents to 73.25 on the dollar, according to LSEG data.
The Star
6 days ago
- Business
- The Star
Zambian gov't justifies application for IMF program extension
LUSAKA, Aug. 5 (Xinhua) -- The Zambian government on Tuesday defended its decision to apply for an extension of its International Monetary Fund (IMF) Extended Credit Facility (ECF) program. Minister of Finance and National Planning Situmbeko Musokotwane said the extension is necessary to consolidate and maintain the economic confidence that the country has achieved following the successful implementation of the program. He noted that the program has not only boosted investor confidence but also reassured creditors of the country's economic direction. "After debt restructuring, we are seeing creditors bringing back funds in the form of lending to the private sector. We are also seeing renewed interest in government securities," Musokotwane said during a press briefing. While acknowledging the government's ongoing fiscal prudence, Musokotwane emphasized that extending the IMF program will provide further advantages. He added that the extension will attract more financial support from cooperating partners. The government, he said, needs approximately 145 million U.S. dollars in donor support for next year. Musokotwane warned that Zambia risks losing some of this donor support if the IMF program ends, which further justifies the government's decision to seek an extension. He also highlighted that the IMF program has been beneficial, helping the country increase its international reserves and allowing the government to channel funds into key sectors such as social services. In late July, the Cabinet authorized the finance minister to apply for a 12-month extension of the IMF program. The current program, approved in August 2022, is scheduled to conclude in October this year.
Straits Times
6 days ago
- Business
- Straits Times
Zambia hopes to get extra $145 million from IMF programme extension
Sign up now: Get ST's newsletters delivered to your inbox 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. Top stories Swipe. Select. Stay informed. Singapore More train rides taken in first half-year, but overall public transport use stays below 2019 levels Singapore BlueSG needs time to develop software, refresh fleet, say ex-insiders after winding-down news Asia Cambodia-Thailand border clash a setback for Asean: Vivian Balakrishnan Singapore 'She had a whole life ahead of her': Boyfriend mourns Yishun fatal crash victim Singapore Doctor hounded ex-girlfriend, threatened to share her intimate photos, abducted her off street Asia Trump's transactional foreign policy fuels 'US scepticism' in Taiwan Business Women on corporate boards give firms a competitive advantage, says Australian Governor-General Singapore CEO of sports car distributor accused of offences including multiple counts of false trading 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
TimesLIVE
03-07-2025
- Business
- TimesLIVE
IMF to provide DRC with $262m after review
The International Monetary Fund said on Wednesday that it has completed the first review under its Extended Credit Facility for the Democratic Republic of Congo, unlocking an immediate disbursement of $261.9m (R4.58bn).
