IMF reaches staff agreement with Zambia for $185.5 million disbursement By Reuters

WASHINGTON (Reuters) – The Worldwide Monetary Fund said on Monday that it reached a workers-level settlement for the fourth overview of Zambia’s mortgage program that can perchance perchance liberate about $185.5 million to Lusaka upon approval by the IMF’s management and its govt board.

The settlement became once announced after an IMF mission to Zambia from Oct. 2-15, followed by subsequent discussions at IMF and World Financial institution annual meetings in Washington, the Fund said in a statement.

The IMF said Zambia’s financial system has been hit laborious by drought, with reduced agricultural output and electricity shortages impacting financial exercise widely. It forecast Zambia’s 2024 real GDP increase at 1.2%, down from a 2.3% forecast in June. Inflation accelerated to 15.7% in October, driven by meals costs and forex depreciation, effectively above a intention band of 6-8%.