Friday 24th November 2017

IMF deal flopped but talks to continue

The International Monetary Fund says talks over an economic recovery programme for Zambia achieved some progress in Washington last week but that talks will continue.

An IMF Spokesperson said in a brief statement that “Progress was made, but program discussions have not yet been concluded.

The authorities and IMF staff have agreed that a mission will return to Zambia at the end of May to continue the discussions,” he said.

The IMF will send a mission to Zambia in May to continue talks over a loan of as much as $1.6 billion the government is seeking after they failed to reach a deal in Washington this month.

Finance Minister Felix Mutati had hoped to strike the loan deal to boost Zambia’s foreign exchange reserves while in Washington for the IMF and World Bank Spring Meetings.

The government first signaled its intentions to sign a deal in 2014 but has faced a number of delays since.

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