According to persons with direct information, the International Monetary Fund executive board will finish the first review of its $1.3 billion extended fund facility (EFF) program for Zambia on July 12.
The board meeting follows Africa’s second-largest copper producer’s agreement with bilateral creditors like China and the Paris Club to restructure $6.3 billion of international debt. The review will unlock $188 million for the nation.
A debt restructuring deal with official creditors was needed before the board could conclude the program’s evaluation.
An IMF spokesperson didn’t immediately react.