Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Zambian president to meet IMF, World Bank in Washington

Published 2021-09-22, 09:50 a/m
Updated 2021-09-22, 11:17 p/m
© Reuters. FILE PHOTO: Zambia's President Hakainde Hichilema addresses the 76th Session of the United Nations General Assembly at U.N. headquarters in New York, U.S. on September 21, 2021.  Spencer Platt/Pool via REUTERS

© Reuters. FILE PHOTO: Zambia's President Hakainde Hichilema addresses the 76th Session of the United Nations General Assembly at U.N. headquarters in New York, U.S. on September 21, 2021. Spencer Platt/Pool via REUTERS

LUSAKA (Reuters) -Zambia's president is due to meet officials at the International Monetary Fund and World Bank in Washington, his spokesman said on Wednesday, as the southern African nation tries to secure a lending programme to help it emerge from a debt crisis.

President Hakainde Hichilema's spokesman, Anthony Bwalya, in a statement issued from New York, did not say when the meetings would take place.

In November, Zambia became the first African country to default on its sovereign debt during the COVID-19 pandemic after failing to keep up with payments on nearly $13 billion of international debt. About a quarter of this debt is held by either China or Chinese entities via deals shrouded in secrecy clauses, complicating negotiations for IMF relief.

Hichilema is in the United States for the U.N. General Assembly. He won a landslide election victory in August, beating incumbent Edgar Lungu, and has pledged to reduce the fiscal deficit, restore economic growth and review mining policies in Africa's second-largest copper producer.

His finance minister said last month securing an IMF programme was critical to restoring creditor confidence and giving the government access to cheaper and longer financing.

© Reuters. FILE PHOTO: Zambia's President Hakainde Hichilema addresses the 76th Session of the United Nations General Assembly at U.N. headquarters in New York, U.S. on September 21, 2021.  Spencer Platt/Pool via REUTERS

Late on Wednesday, the White House issued some details of a meeting between the Zambian president and U.S. Vice President Kamala Harris saying the two agreed to deepen ties on issues like health and pandemic preparedness.

"The vice president applauded President Hichilema's focus on prioritising necessary reforms and his efforts to stabilize and grow the Zambian economy", the White House said.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.