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Zambia finalising timing of reforms ahead of IMF deal

Zambia is working on a timeline for the reform agenda it’s agreed with the International Monetary Fund, as the government of Africa’s first pandemic-era sovereign defaulter seeks to reach a deal on an economic program, the Finance Ministry said.An accord with the Washington-based lender is crucial to the government’s plans to restructure as much as US$12.7B external debt, and the IMF has said it’s up to Zambia to implement agreed policies to pave the way for further talks.Africa’s second-biggest copper producer wants to use the Group of 20’s Common Framework to restructure its debt, which requires an IMF program to be in place.“Zambia and the IMF have reached a broad agreement on the macroeconomic parameters, fiscal targets, policy objectives and a reform agenda,” the Finance Ministry said in reply to emailed questions on Friday. “The government of Zambia is currently in the process of finalizing the time frame for implementation of the agreed reform agenda while ensuring that Zambia’s development objectives are met and social protection for the most vulnerable is secured.”

Source: Further Africa

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