By BUUMBA CHIMBULU INCREASE in Special Drawing Rights (SDR) by the International Monetary Fund (IMF) for member states totalling an additional US$650 billion will boost Zambia’s foreign exchange reserves.The IMF in the coming weeks is set to approve an increase in SDRs for its members totalling an additional $650 billion.This comes a few weeks after the world’s richest nations, the G7 recently met at their annual summit where deliberations concerning how to assist developing nations fight Covid-19 and global combating of climate change were key agenda items.The development once approved does spell hope for an opportunity to shore up decade low foreign exchange reserves for Zambia.This is according to the Economics Association of Zambia (EAZ) National Secretary, Mr Mutisunge Zulu, in an interview.According to Mr Zulu, this was a positive development for Zambia with an additional US$1.3 billion accounting for 0.02 percent the country’s SDR quota.“Being the first African nation to default on its coupon […]
ZAMBIA TO BENEFIT FROM IMF’S $650BN BOOST
