Zambia’s finance minister says talks with the International Monetary Fund (IMF) are “very progressive”.
Situmbeko Musokotwane said timelines and steps to be taken to advance the process for a highly anticipated Extended Credit Facility – a financial assistance programme offered to countries struggling to pay debts – were discussed.
For the first time since 1998, Zambia plunged into a recession last year. It also defaulted on a debt repayment.
In a BBC interview earlier this month, the new President Hakainde Hichilema described the treasury as “literally empty”.
The president in his first parliamentary address committed to reducing the fiscal deficit and restoring economic growth.