The IMF said on Friday it had reached a staff-level agreement with Zambia on a new extended credit facility arrangement for the southern African country.
The proposed arrangement would support Zambia's efforts to safeguard macroeconomic stability and debt sustainability as well as its balance-of-payments and fiscal financing needs, the International Monetary Fund said in a statement.
The country's previous $1.7-billion IMF programme, which helped it emerge from a prolonged debt crisis after becoming Africa's first Covid-19 pandemic-era sovereign default in 2020, expired in January.
The new agreement, which will give Zambia access to 1 076-million Special Drawing Rights, comes as the country prepares its 2027 budget, with the finance ministry saying this week that government spending is projected to rise by 7%.
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