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Source: newsthemegh.com/Compiled By: Prince Henry Danquah, Bora Capital Advisors Ltd.
Zambia is set to receive an extra $388 million from the International Monetary Fund as soon as this month to help the southern African nation deal with its worst drought in at least four decades.
The Washington-based lender’s staff reached a deal with the government on the third review of an existing $1.3 billion economic program, as well as a request to augment it to about $1.7 billion, the IMF said in an emailed statement Tuesday.
The nation will have immediate access to about $573 million as soon as the emergency lender’s management and board approve the agreement, with a meeting due by the end of June.