$1.3bn bailout package is 10-year concessional loan – IMF
Published On September 2, 2022 » 1762 Views» By Times Reporter » HOME SLIDE SHOW, SHOWCASE
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•FINANCE Minister Situmbeko Musokotwane (right) talks to IMF resident representative Preya Sharma (left) after a Press briefing at the Mulungushi International Conference Centre in Lusaka yesterday. Picture by GOODSON LUPIYA/ZANIS

By JAMES KUNDA and JOSEPH BANDA-
THE International Monetary Fund (IMF) says the US$1.3billion approved for Zambia by the fund’s executive board is a 10-year concessional loan.
Meanwhile, Bank of Zambia (BoZ) Governor Denny Kalyalya says 50 per cent of the fund will be used for budget support, while the other half will be allocated towards enhancing foreign reserves.

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