Zambia owes IMF $387m


ZAMBIA is still owing a total of  US$387 million in Special Drawing Rights (SDRs) to the International Monetary Fund (IMF) as at  February 28, 2014.
IMF resident representative Tobias Rasmussen said Zambia’s outstanding debt stood at SDRs 250 million (approximately US$386,256,678.38).
Special Drawing Rights (SDRs) are supplementary foreign exchange reserves created by the IMF in 1969 to supplement its member countries’ official reserves.
In response to a press query, Dr Rasmussen said  the amount still outstanding on the country’s earlier borrowing is currently about SDR 250 million.
Dr Rasmussen said the Extended Credit Facility (ECF) ended in mid-2011 and that,  the outstanding purchases and loans stood at US$ 387million.
He said currently,  there was no arrangement made in terms of borrowing with the IMF hence no IMF debt limits are in force.
“The ECF ended in mid-2011 and Zambia does not currently have a borrowing arrangement with the IMF. As such there are no IMF debt limits in force,” Dr Rasmussen said.
According to a financial position in the fund for Zambia, the projected payments to fund was estimated SDR 21.52 million (about US$33.25 million) this year and expected to pay SDRs 44.08 (about $68.11 million) in 2015.
The report said in 2016, Zambia would be expected to make payment amounting to SDR 50.41 million and SDR 47.72 million in 2017.
In 2018, the country would be expected to pay SDR 43.61 million (US$67.38 million) respectively.
“We will in mid April provide updated projections for the Zambian economy in the context of both  the IMF’s World economic outlook and regional economic outlook,” Dr Rasmussen said.

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Times of Zambia

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