Zambia Abandons Plan to Extend IMF Credit Facility by a Year

Zambia has decided against pursuing a one-year extension of its International Monetary Fund program that’s set to expire this month, the Washington-based lender said on Wednesday, an about turn that will surprise investors.

The government of Africa’s second-biggest copper producer announced in July it would seek to prolong its IMF arrangement by 12 months. In September, it won three more months to negotiate an extension to the existing deal that was due to lapse in October. The government had hoped to secure about $145 million from the fund through the extension.