By BUUMBA CHIMBULUTHE US$1.4 billion International Monetary Fund (IMF) Staff Level Agreement awarded to Zambia has led to the oversubscription in bond issuance powered by inflows from non-resident investors.This is according to Bernadette Deka-Zulu, PMRC Executive Director who acknowledged that this agreement was based on Zambia’s plans to undertake bold and ambitious economic reforms.On the 3rd of December 2021, the Zambian Government reached a Staff-Level Agreement on a programme under the IMF’s Extended Credit Facility (ECF) that envisages the provision of financial support of US$1.4 billion over three years.Ms Deka-Zulu in her comments on the agreement said it has led to the oversubscription in bond issuance powered by inflows from non-resident investors.“The announcement of the Staff Level Agreement has led to the oversubscription in bond issuance powered by inflows from non-resident investors making purchases of Government securities, subsequently leading to an improvement in the availability of foreign exchange,” she said in a statement.She also said […]
US$1.4bn IMF deal boosts bond auction
