Zambia withdraws request for IMF loan extension

Zambia has withdrawn its request for a one-year extension of its Extended Credit Facility (ECF) with the International Monetary Fund, the IMF said on Wednesday. No reason has been given for the turnaround.

The ECF was agreed in 2022 to help Zambia stabilise its finances after defaulting on its international debt two years earlier.

A one year extension would have released an addition $145 million and kept IMF monitoring in place.

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