Zambia asks for IMF loan to be increased to $1.7 billion
LUSAKA, June 4 (Reuters) – The International Monetary Fund (IMF) said on Tuesday that Zambia’s government had asked for its $1.3 billion loan programme to be increased to $1.7 billion to help it respond to a severe drought.
The IMF also said in a statement that it had reached a staff-level agreement on the third review of the southern African country’s Extended Credit Facility.
Once the latest review is approved by IMF’s executive board at a meeting expected by the end of June, Zambia will have access to roughly $573 million, the fourth disbursement under the facility.