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(Recasts with Zambia finance ministry statement, changes dateline to Lusaka, adds creditor comments)
LUSAKA, May 10 (Reuters) - Zambia’s finance ministry said on Monday that it had reached a broad agreement with the International Monetary Fund (IMF) on macroeconomic parameters, fiscal targets and policy objectives, during talks to secure a lending programme.
Both Zambia - Africa’s first pandemic-era sovereign default - and the IMF said more talks were needed to finalise a programme under the Fund’s Extended Credit Facility.
But the finance ministry said enough progress had been made to allow authorities to move ahead with preparations for debt restructuring talks with official and commercial creditors under a common framework backed by the Group of 20 major economies.
11 May 2021 - 08:13 By Chris Mfula Zambia s debt had been considered unsustainable even before the pandemic struck, and missing a coupon payment on a dollar bond in November tipped it officially into default. Image: 123RF/Kevin George
Zambia s finance ministry said on Monday that it had reached a broad agreement with the International Monetary Fund (IMF) on macroeconomic parameters, fiscal targets and policy objectives, during talks to secure a lending programme.
Both Zambia - Africa s first pandemic-era sovereign default - and the IMF said more talks were needed to finalise a programme under the Fund s Extended Credit Facility.
But the finance ministry said enough progress had been made to allow authorities to move ahead with preparations for debt restructuring talks with official and commercial creditors under a common framework backed by the Group of 20 major economies.
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LUSAKA, May 10 (Reuters) - Zambia s finance ministry said on
Monday that it had reached a broad agreement with the
International Monetary Fund (IMF) on macroeconomic parameters,
fiscal targets and policy objectives, during talks to secure a
lending programme.
Both Zambia - Africa s first pandemic-era sovereign default
- and the IMF said more talks were needed to finalise a
programme under the Fund s Extended Credit Facility.
But the finance ministry said enough progress had been made
to allow authorities to move ahead with preparations for debt
restructuring talks with official and commercial creditors under
a common framework backed by the Group of 20 major economies.
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