The International Monetary Fund has reached a staff-level agreement with Zambia on the second review of its Extended Credit Facility.
This unlocks another $184 million upon IMF board approval, the Fund said on Monday.
The IMF's Mission Chief for Zambia added in a statement that the Fund welcomed Zambia's memorandum of understanding with its official creditors and ongoing discussions with private creditors to reach an agreement on debt restructuring.
She said Zambia may need to further tighten monetary policy to contain inflationary pressures and that building reserves would enhance the Southern African country's external resilience.
Earlier on Monday, Zambia suffered a major setback in its debt-restructuring efforts after the government said a revised deal to rework $3 billion of Eurobonds could not be implemented at this time due to objections from official creditors, including China.
Latest Stories
-
35th CIMG Awards: Full list of winners
1 hour -
The Multimedia Group wins big at CIMG Awards 2023
2 hours -
Bernard Mornah wins PNC flagbearship race
2 hours -
Video: Confusion at PNC National Executives election
3 hours -
Rapper E.L. joins King Promise as Guinness Accravaganza headliner for September 21 showdown
4 hours -
PNC Congress: Bernard Mornah leads in Greater Accra Region
4 hours -
Reject violence, divisive rhetoric, embrace peace ahead of elections – Bawumia appeals to Ghanaians
4 hours -
SEFF’s debut single ‘Father’ sets stage for bold new talent
6 hours -
Super typhoon Yagi kills four in Vietnam
6 hours -
Hollard Insurance-UENR Mentoring Day: Students urged to let hard work, integrity shine to advance career
6 hours -
2024/25 GPL: Vision FC opens campaign with draw against Berekum Chelsea
6 hours -
If Baba Yara pitch was good, Mumin clears the ball – Laryea Kingston
7 hours -
GPL 2024/25: Samartex begin title defence with draw against Dreams FC
7 hours -
Financing road construction and maintenance through a special fuel levy: A sustainable solution for Ghana’s road infrastructure
7 hours -
Ghana Celebrity Impact Awards 2024 launched to honor positive social influence
8 hours