Zambia sees IMF board meeting at end-August over program

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LUSAKA — Zambia’s Finance Minister Situmbeko Musokotwane said on Friday that the International Monetary Fund’s board was expected to meet at the end of August over the country’s lending program.

The southern African country reached a staff-level agreement with the IMF on a $1.4 billion three year extended credit facility in December, conditional upon its ability to reduce debt to levels the fund deems sustainable.

Late last month, Zambia’s official creditors pledged to negotiate a debt restructuring, a move IMF Managing Director Kristalina Georgieva welcomed as “clearing the way” for a program. (Reporting by Chris Mfula Writing by Alexander Winning)

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