Zambia Plans to Seek New IMF Loan With Election Deadline Looming

Zambia will seek a new deal with the International Monetary Fund as its existing program ends this month, with election pressures pointing to a potential agreement in the first half of the year.

Finance Minister Situmbeko Musokotwane announced the plan a day after the Washington-based lender said that the government opted not to pursue an earlier request for a 12-month extension to its current program. Zambia’s kwacha extended its rally on the news, as its dollar bonds gained.