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Just as SA is planning to shift towards renewable energy to drive the battling economy, rising costs linked to the pandemic and the war in Ukraine threaten further delays.
(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 ...
Message : Required fields 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 wi...
* Govt caught between bondholders and China (Adds creditor comment, bond reaction) LUSAKA, Oct 28 (Reuters) - Zambia has reached a deal to defer debt repayments that were due this month on a loan from the China Development Bank (CDB), Zambia’s government said, without giving the size of the loan or the debt repayments that were due. Zambia owed CDB roughly $391 million at the end of last year - about a tenth of the $3 billion it owes Chinese entities - according to the finance ministry. It was not clear whether the loan in question covers all of this debt or a fraction of it.
The Bank of Zambia will begin buying gold from Canadian miner First Quantum Minerals and the state mining firm as it resumes holding the precious metal as part of its foreign reserves, the central bank governor said on Friday.