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