The International Monetary Fund (IMF) has not requested Zambia undertake an independent debt audit following market speculation that its foreign debt may be higher than stated, the country's finance minister said on Friday. Zambia, Africa's second-biggest copper producer, has held talks with the IMF over an aid programme but the fund rejected the country's debt management plans in February.
"There have been insinuations in some quarters that the IMF requested the Zambian government to carry out an independent audit of its debt. We are not aware of such a request," Finance Minister Margaret Mwanakatwe said in a statement. She added: "Suffice to say, we have never been requested by any entity, including the IMF, to conduct such an exercise." Zambia said on Wednesday its $8.7 billion foreign debt has not been understated and those saying it is higher should produce evidence.
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