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Zambia one step towards to secure USD 1.4Bn IMF financial assistance after debt default in 2020

InternationalAug 1, 2022
Zambia one step towards to secure USD 1.4Bn IMF financial assistance after debt default in 2020

Zambia’s official creditors led by China have agreed to provide debt relief to the southern African nation, one of the world's largest copper producers, paving the way for an IMF bailout. Zambia defaulted on its debt in Nov 2020 and negotiated with creditors for more than 1 1/2 years to reach an agreement.

Sri Lanka defaulted on Debt in May 2022 and requested IMF financial assistance. Sri Lanka's president says the IMF accord was pushed back to September after unrest took place in the capital of the country asking the previous administration to resign.

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