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The Guardian - UK
The Guardian - UK
World
Saeed Kamali Dehghan

Crisis-hit Zambia secures $1.3bn IMF loan to rebuild stricken economy

Austerity measures have seen spending on public services in Zambia fall by 21% between 2019 and 2021.
Austerity measures have seen spending on public services in Zambia fall by 21% between 2019 and 2021. Photograph: Tsvangirayi Mukwazhi/AP

The International Monetary Fund has approved a $1.3bn (£1.1bn) loan to Zambia, as the country scrambles to rebuild its crisis-hit economy after defaulting on its foreign debts in 2020.

The Covid pandemic compounded Zambia’s economic woes, blamed on years of mismanagement and corruption, which left the country with unsustainable levels of debt.

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