IMF loan ‘important’ to its finances: Zambian finance minister

Situmbeko Musokotwane faces the daunting task of pulling country out of a protracted debt crisis, prioritises IMF talks.

Zambia’s new Finance Minister, Situmbeko Musokotwane, has said in an interview that it was critical to agree to a lending programme with the International Monetary Fund (IMF) because it would give creditors confidence and the government cheaper and longer financing. Musokotwane, appointed on Friday by recently elected President Hakainde Hichilema, faces the daunting task of trying to pull the southern African country out of a protracted debt crisis and has pledged to prioritise talks with the IMF. In an interview aired on Sunday, he told public broadcaster ZNBC he was confident Zambia would get an IMF programme before the end of the year and thereafter restructure its debt.