Zambia has applied to the International Monetary Fund (IMF) for a COVID-19-related rapid credit facility as it starts the process of shortlisting financial advisers to help reduce its debt load, the finance ministry said on Sunday.
Zambia was already wrestling with a growing public debt even before the new coronavirus outbreak forced lockdowns across the globe, delivering a big blow to demand for raw materials. Zambia is Africa’s second biggest copper producer.
Zambia has also closed a call for tenders for financial advisers over its debt and started the process of shortlisting and selecting the winner, it said in the same statement.
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