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Zambia Replaces Finance Minister as Country Seeks IMF Loan

  • Analyst says new appointment may be key in securing borrowing
  • Ministers moved in largest reshuffle since Lungu won in 2016
Updated on

Zambian President Edgar Lungu replaced his finance minister as Africa’s second-largest copper producer seeks to secure a $1.3 billion loan from the International Monetary Fund. Yields on its dollar debt rose.

Margaret Mwanakatwe, previously commerce minister, was appointed to the post, replacing Felix Mutati, who will take the works and supply portfolio, the presidency said Wednesday in an emailed statement. Richard Musukwa replaces Christopher Yaluma as mines minister, with Yaluma heading the Commerce Ministry.