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IMF board to meet on July 12 for first review of Zambia's programme -sources

Published 29/06/2023, 04:31 am
© Reuters. FILE PHOTO: The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas/File Photo
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By Jorgelina do Rosario

LONDON (Reuters) - The International Monetary Fund executive board will meet on July 12 to complete the first review of its $1.3 billion extended fund facility (EFF) programme for Zambia, according to people with direct knowledge of the matter.

The board meeting comes after Africa's second-biggest copper producer clinched a deal with bilateral creditors such as China and the Paris Club to rework about $6.3 billion of overseas debt. The country will have access to around $188 million after the review is completed.

© Reuters. FILE PHOTO: The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas/File Photo

The IMF reached in April a staff-level agreement on the first review, but a debt restructuring agreement with official creditors was needed before the board could complete the programme's review.

An IMF spokesperson didn't immediately reply to a request for comment.

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