Zambia Gets IMF Bailout, Marking Progress for G-20 Debt Plan
- Southern African nation gets $1.3 billion from lender
- Program will free up $185 million in other financial support
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Zambia won International Monetary Fund board approval for a $1.3 billion support package, an important step toward the nation restructuring its debt and a boost for the global effort to help indebted developing nations.
The 38-month extended credit facility is based on Zambia’s “homegrown economic reform plan that aims to restore macroeconomic stability and foster higher, more resilient, and more inclusive growth,” the Washington-based lender said in a statement on its website Wednesday.