http://www.polity.org.za
Deepening Democracy through Access to Information
Home / News / International News RSS ← Back
LUSAKA|Africa|Copper|International Monetary Fund|Paper|Africa|Zambia|Richard Briggs
|Africa|Copper|Paper|Africa|Zambia|
lusaka|africa-company|copper|international-monetary-fund-company|paper|africa|zambia|richard-briggs
Close

Email this article

separate emails by commas, maximum limit of 4 addresses

Verification Image. Please refresh the page if you cannot see this image.

Sponsored by

Close

Article Enquiry

IMF loans to Zambia on hold due to rise in external debt

Verification Image. Please refresh the page if you cannot see this image.
Close

Embed Video

IMF loans to Zambia on hold due to rise in external debt

12th September 2018

By: African News Agency

SAVE THIS ARTICLE      EMAIL THIS ARTICLE

Font size: -+

Zambia’s dollar notes have lost almost 20 points over the past two months, with holders shedding paper that has lost its sheen thanks to rising external debt and alarm bells rung by the International Monetary Fund (IMF), the Zambian Observer reported on Wednesday.

This follows warnings by the IMF in late August that discussions over an aid programme were on hold because Zambia’s borrowing plans remain unsustainable. The country’s external debt rose to $9.37-billion by the end of June from $8.7-billion in December.

Advertisement

“Talks with the IMF have been slow, the budget deficit is estimated by the IMF to be close to 8 percent of GDP for 2018 and copper, which makes up around three-quarters of Zambia’s exports, is down by around 20 percent since its peak in early June,” said Richard Briggs, emerging markets strategist at CreditSights.

“Zambia has been trying to secure an IMF loan for several years but hasn’t yet been able to secure funding.”

Advertisement

The country, which is Africa’s second-largest copper producer, wants a $1.3-billion loan from the IMF but the chance of a deal depends on its debt management plans while its sovereign bonds are being hurt by Lusaka’s inability to find common ground with the IMF.

EMAIL THIS ARTICLE      SAVE THIS ARTICLE

To subscribe email subscriptions@creamermedia.co.za or click here
To advertise email advertising@creamermedia.co.za or click here

Comment Guidelines

About

Polity.org.za is a product of Creamer Media.
www.creamermedia.co.za

Other Creamer Media Products include:
Engineering News
Mining Weekly
Research Channel Africa

Read more

Subscriptions

We offer a variety of subscriptions to our Magazine, Website, PDF Reports and our photo library.

Subscriptions are available via the Creamer Media Store.

View store

Advertise

Advertising on Polity.org.za is an effective way to build and consolidate a company's profile among clients and prospective clients. Email advertising@creamermedia.co.za

View options
Free daily email newsletter Register Now