Browsing: IMF’s managing director

IMF approves US$1.3bn loan for Zambia.

Since he won the election last year, Zambian President Hakainde Hichilema has worked to repair relations with the IMF following tense times under his predecessor Edgar Lungu.

Under Lungu, who came to office in 2015, Zambia’s economy borrowed significantly to fund infrastructure projects. His unfriendly regulatory environment in the mining sector and a default on its Eurobonds in December 2020 shook investor confidence.

President Hichilema expressed his support for the agreement in a series of tweets, claiming that it helps to handle the nation’s debt load.…