By John Ikani
The International Monetary Fund (IMF) has announced that it will grant financial relief to Zambia if the Southern African country initiates economic reforms.
IMF chief Negotiator Allison Holland made this known to newsmen on Friday after talks with the Zambian Government.
According to her, a three-year reform programme in the heavily indebted landlocked country could be supported with loans of up to 1.4 billion dollars.
“This agreement is based on the authorities’ plans to undertake bold and ambitious economic reforms.”
She said further details would be announced on Monday.
The statement stressed that such an agreement would still need approval from the relevant bodies.
Africa’s former flagship democracy, with its rich copper deposits, is in the midst of an economic crisis, exacerbated by strict coronavirus-related restrictions.