(Recasts with Zambia finance ministry statement, changes dateline to Lusaka, adds creditor comments)
LUSAKA, May 10 (Reuters) - Zambia’s finance ministry said on Monday that it had reached a broad agreement with the International Monetary Fund (IMF) on macroeconomic parameters, fiscal targets and policy objectives, during talks to secure a lending programme.
Both Zambia - Africa’s first pandemic-era sovereign default - and the IMF said more talks were needed to finalise a programme under the Fund’s Extended Credit Facility.
But the finance ministry said enough progress had been made to allow authorities to move ahead with preparations for debt restructuring talks with official and commercial creditors under a common framework backed by the Group of 20 major economies.
11 May 2021 - 08:13 By Chris Mfula Zambia s debt had been considered unsustainable even before the pandemic struck, and missing a coupon payment on a dollar bond in November tipped it officially into default. Image: 123RF/Kevin George
Zambia s finance ministry said on Monday that it had reached a broad agreement with the International Monetary Fund (IMF) on macroeconomic parameters, fiscal targets and policy objectives, during talks to secure a lending programme.
Both Zambia - Africa s first pandemic-era sovereign default - and the IMF said more talks were needed to finalise a programme under the Fund s Extended Credit Facility.
But the finance ministry said enough progress had been made to allow authorities to move ahead with preparations for debt restructuring talks with official and commercial creditors under a common framework backed by the Group of 20 major economies.
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LUSAKA, May 10 (Reuters) - Zambia s finance ministry said on
Monday that it had reached a broad agreement with the
International Monetary Fund (IMF) on macroeconomic parameters,
fiscal targets and policy objectives, during talks to secure a
lending programme.
Both Zambia - Africa s first pandemic-era sovereign default
- and the IMF said more talks were needed to finalise a
programme under the Fund s Extended Credit Facility.
But the finance ministry said enough progress had been made
to allow authorities to move ahead with preparations for debt
restructuring talks with official and commercial creditors under
a common framework backed by the Group of 20 major economies.
April 5, 2021 Share
Recently re-elected to office, President Denis Sassou Nguesso of the Republic of Congo (RoC), has been accused of electoral fraud and other irregularities by opposition and the African Union (AU) observers. The provisional results were declared on March 23, for the Presidential election held on March 21. Nguesso secured a landslide 88 percent margin of votes.
Denis Sassou Nguesso has held office for most part of Congo’s history. He has continued to hold the office of the President since 1997. Earlier, he stayed on as the President of One-Party System based political system in Congo from 1979 to 1992. In 1997, he returned to power on the back of second republic of the Congo Civil War. The passing of the new Constitution in 2015 allowed him to contest another term. He returned to power in 2016 with a majority, but that was also mired in protests.
Communique of African Ministers of Finance, Planning and Economic Development on special drawing rights for low-income and middle-income countries uneca.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from uneca.org Daily Mail and Mail on Sunday newspapers.