IMF Confirms Zambia Debt Restructuring Deal Close

The International Monetary Fund has announced that Zambia’s creditors are close to agreeing a debt restructuring deal that would pave the way for the IMF to release $188 million to Zambia, the first stage of recovering from pandemic-era debt.

The IMF African Department’s director, Abebe Aemro Selassie, was present at a panel in Marrakesh, Morocco, on Tuesday. While at the panel, which was part of the Bloomberg New Economy Gateway Africa forum, Selassie said that the IMF had reached “initial agreements to provide financing assurances so the IMF can proceed with providing financing with Zambia”.

Earlier in June, Zambia’s official creditors held a meeting to discuss terms for a “specific debt treatment”, in response to Zambia’s Finance Minister Situmbeko Musokotwane requesting debt relief. The Finance Minister reported “very very active discussions”, adding that the Finance Ministry was “very hopeful that something will come through in the next few weeks”.