Zambia Gets $570 Million From IMF as Drought Takes Toll [BNN Bloomberg (Canada)]
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Source: BNN Bloomberg
The money includes an augmentation of $385.7 million, the IMF said in a statement Wednesday following an executive board meeting. The funds will assist Zambia in attaining debt and fiscal sustainability, enhancing public governance, and fostering inclusive growth to improve the livelihood of the Zambian people, the Washington-based lender said. They'll also help with drought relief measures. Zambian President Hakainde Hichilema in February declared the drought a national disaster and appealed for international aid two months later, with the nation facing a $900 million shortfall this year because of the severe weather. The drought has stoked already high inflation, which accelerated to 14.7% in May, the highest rate in more than two years. It's also hindering growth. The economy is expected to expand 2.3% this year — less than half the IMF's initial forecast. To mitigate the impact and start servicing its now restructured external loans the government plans to supplement its
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