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rdf:type	schema:NewsArticle
schema:articleBody	Zambia must re-draft economic policy to make its public debt more sustainable, the International Monetary Fund said Wednesday after the copper-rich country requested IMF funding for reforms. Zambia, which has seen its external debt surge to nearly $12 billion this year, had made a formal request to the IMF on Tuesday. But wrapping up a visit to Lusaka, the director of IMF Africa's Department, Abebe Aemro Selassie, said that "given the deep-rooted challenges faced, policies would need to be calibrated to restore sustainability while protecting the vulnerable and creating more inclusive growth". The IMF said it would assess options to support Zambia's reform efforts over the coming weeks. Selassie held talks with President Edgar Lungu, Finance Minister Bwalya Ngandu and central bank chief Christopher Mvunga. In September, the Zambian government requested a six-month deferral on interest payments for three commercial eurobonds worth $3 billion. But it missed the $42.5-million interest payment due on one bond on October 14, prompting ratings agency S&P to declare the country in default. A month later, a grace period ended for payment on a $750-million eurobond due to expire in 2022. Failure to honour its obligations could see it officially declared in default, becoming Africa's first economy to default during the coronavirus pandemic. str-sn/spm
schema:headline	IMF asks Zambia to re-draft economic policy in return for funding
schema:mentions	Lusaka 2009 flu pandemic Finance minister External debt Government debt Zambia International Monetary Fund Christopher Moltisanti Africa Coronavirus President of the United States Edgar Lungu Eurobond (external bond)
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-12-09 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	positive sentiment
http://data.cimple...readability_score	83 (xsd:integer)

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