Economist Emmanuel Zulu says the progress made in Zambia’s debt restructuring negotiations is key for the country’s economic recovery.
Mr. Zulu reveals that debt restructuring has crippled the growth of the economy by eroding investor confidence.
According to Bloomberg, International Monetary Fund (IMF) Director for African Department Abebe Selassie says Zambia’s creditors are close to agreeing to a long-awaited debt restructuring deal.
Mr. Selassie notes that the move will allow the International Monetary Fund to disburse $188 million to the distressed African nation.
He has underscored that the Fund was given notice of the initial agreements by creditors to provide financing assurances to proceed with providing financing to Zambia.
By Shem Malinda