Trending
- Zimbabwe rolls out $24M project to reduce use of mercury in gold mines
- Zambia secures $184M IMF support as economic growth set to decline to 1.2 per cent
- Equity enters alliance with ODDO BHF to spur Europe-Africa investments
- Air Tanzania hits turbulence: Can the airline fly back to EU skies?
- Ghana’s President Elect John Mahama Outlines His Economic Blueprint
- AfDB backs “green shares” funding model with $30M AFC equity boost
- ATIDI and ASF unite to mitigate risks gripping Africa’s investment
- Turkey Brokers a Dispute Ceasefire Between Ethiopia and Somalia
Browsing: Zambia’s economic growth 2024
- Drought-hit Zambia will get immediate access to about $184 million from the IMF.
- Lender says authorities in the southern African country remain committed to maintaining macroeconomic stability and restoring fiscal and debt sustainability.
- Worsening impact of drought is, however, set to see Zambia’s economy decline to 1.2% growth this year.
Zambia has secured about $184 million from the International Monetary Fund (IMF) to provide budget support to the southern African country that is reeling from adverse effects of drought, which now threatens to see the economy grow by marginal 1.2 per cent this year.
The funding brings Zambia’s total disbursement under its 38-month Extended Credit Facility ECF-supported program to SDR 992.86 million or about $1.3 billion.
According to the IMF Deputy Managing Director Nigel Clarke, policymakers in the country must implement a number of reforms to drive resilience in the face of looming economic slowdown.
“Governance and structural reforms are …