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Home » Saudi Arbia » IMF to grant Zambia $1.3bn to plug budget deficit

IMF to grant Zambia $1.3bn to plug budget deficit

Olaotan Falade by Olaotan Falade
June 10, 2017
in World
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IMF to grant Zambia $1.3bn to plug budget deficit

Christine Largade, Managing Director, International Monetary Fund, IMF.

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The International Monetary Fund (IMF) may grant Zambia up to 1.3 billion dollar to help plug a budget deficit of around 7 per cent, the lender’s mission chief said on Saturday.

Tsidi Tsikata told a joint news conference with the Zambian Finance Ministry in Lusaka that a decision would be made by the IMF board in August.

Tsikata said the three-year credit facility would halve the deficit to around 4 per cent of Gross National Product by 2019.

He said Zambia needed to take concrete steps to achieve fiscal consolidation targets outlined in the 2017 budget, which include improving revenue collection, limiting borrowing and scaling back on new capital projects.

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“We aim to reach understanding in the coming weeks that would form the basis for presenting the authorities’ request for an ECF (Extended Credit Facility) arrangement and report on the 2017 Article IV consultation to the IMF board in August 2017,” he said.

Africa’s second-biggest copper producer has suffered from the steep commodity price drop of recent years.

Last March, Zambia began talks with the IMF about a potential loan package after agreeing that its budget deficit was not sustainable.

The southern African country joined other sub-Saharan nations in borrowing on the euro bond market between 2012 and 2015, selling dollar-denominated debt.

The government relied on external financing as revenues failed to keep pace with spending.

 

 

Reuters/NAN

Tags: Budget DeficitIMFZambia

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