IMF CASH ROLLS INBY OLIVER SAMBOKOTHE US$ 1.3 billion Special Drawing Rights from the International Monetary Fund (IMF) has boosted foreign reserves to over US$3 billion the highest it has ever been since independence.Former Finance Minister Bwalya Ng’andu had earlier assured that a Covid-19 relief package was coming after he held talks with officials from IMF.In July, the Ministry of Fi- nance announced that the IMF Board had approved a special allocation of US$1.3 billion in the US$650 billion global fund- ing to mitigate the effects of Covid-19 which had ravaged several nations.IMF resident representative for Zambia, Preya Sharma explained early this month that countries Special Drawing Rights (SDR) allocations could be used to exchange for hard currency as well as be used to boost fund member countries foreign exchange reserves.And speaking in June, IMF managing director Kristalina Georgieva said the newly created SRDs would be credited to IMF member countries in pro- portion to […]
IMF CASH ROLLS IN
