BOZ Chief Con­fi­dent of Bailout Pack­age as IMF Tem­po­rar­ily Halt Deal Dis­cus­sions

Zambian Business Times - - FRONT PAGE -

Bank of Zam­bia - BOZ Gov­er­nor Dr. Denny Kalyalya is con­fi­dent that Zam­bia will soon con­clude the deal with the In­ter­na­tional Mon­e­tary Fund - IMF through the an­tic­i­pated Ex­tended Credit Fa­cil­ity – ECF for bal­ance of pay­ments sup­port of about $1.3bil­lion. This would fur­ther en­able Zam­bia’s full re­cov­ery, bol­ster­ing the coun­try’s re­serves, which cur­rently stand at about an alarm­ing $2.3 bil­lion – less than 3months of im­port cover.

"Hav­ing the IMF on board and the avail­abil­ity of the BOP credit fa­cil­ity would en­able Zam­bia to cope with the high cost of ser­vic­ing its debt and make the bur­den more sus­tain­able", Kalyalya says. “We pay twice a year, so it’s quite a hefty bill,” of the in­ter­est rates on the coun­try’s three Eurobonds, which to­tal $3 bil­lion, he said.

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