Zambia finmin says IMF programme needed for orderly debt restructuring

LUSAKA: An orderly debt restructuring process for Zambia will be extremely difficult to achieve without an International Monetary Fund (IMF) programme, Finance Minister Situmbeko Musokotwane said on Friday.

Musokotwane told a news briefing that an IMF programme was expected to be concluded by the end of June, while the World Bank has also committed to providing financial resources to the country.

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Zambia became the first COVID-19 pandemic-era default in 2020 and is struggling with a debt burden of almost $32 billion, around 120% of its gross domestic product.