Debt-ridden Zambia has no option but to ask IMF for help
Its currency has depreciated by 23% against the dollar and Covid-19 has forced down prices of copper, which accounts for most of its exports
15 April 2020 - 18:20
Maputo — Zambia’s only option is to seek a bailout from the International Monetary Fund (IMF) as years of excessive borrowing coupled with the effect of the coronavirus pandemic have left it struggling to pay its debts, the main opposition leader said.
The country’s eurobonds have been among the world’s worst performing this year and its currency has depreciated by 23% against the dollar as the global Covid-19 pandemic halts supply chains, forcing down the price of copper that accounts for most of Zambia’s exports. The economy will shrink by 3.5% this year, according to the IMF...
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