31-07-2025
Zambia wants to extend IMF loan programme by 12 months
Zambia's government wants to extend its International Monetary Fund (IMF) programme another 12 months beyond its current expiry at the end of October, a cabinet statement said on Wednesday.
The copper-rich Southern African nation has been trying to get its public finances back on track with IMF support after running up a huge debt pile.
Its 38-month extended credit facility was approved in August 2022 for an initial $1.3bn (R23.54bn) but was later increased to $1.7bn (R30.78bn). So far about $1.55bn (R28.06bn) has been disbursed.
The cabinet statement said finance minister Situmbeko Musokotwane had been authorised to ask the IMF for the 12-month extension.
"The objective is to consolidate the gains achieved during the programme period into 2026" and help support economic reforms, the statement said.
