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Zambia President Meets IMF In Wake Of Debt Default

The office of the Zambian President Edgar Lungu has released this photo showing Mr Lungu (centre) meeting the Africa head of the International Monetary Fund, Abebe Aemro Selassie (second from right).

Mr Lungu did not release any statement but the meeting comes after Zambia became the first African country during the coronavirus pandemic to default on its debt repayments.

A default makes it harder for the country to borrow more funds.

In October, it missed a repayment of $40m (£30m) – the country was given a month’s grace period but failed to come up with the money.

Coronavirus has aggravated pre-existing financial pressures in Zambia.

Last month, the IMF said it was in talks with the Zambian authorities about how best to support the country, but its help would depend on the country taking steps to make sure its debt was sustainable.

-BBC

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