IMF head Kristalina Georgieva revealed the Zambian debt deal at the IMF-World Bank annual meeting in Marrakesh. Photo: FADEL SENNA / AFPSource: AFPZambia has signed a long-sought debt deal with its foreign lenders, the IMF's chief announced Thursday, providing financial relief to the first African nation to default after the Covid pandemic. A memorandum of understanding with Zambia creditors "has finally been signed", International Monetary Fund Managing Director Kristalina Georgieva said at the IMF-World Bank annual meeting in Marrakesh, Morocco. Sri Lanka has also been negotiating a debt deal with creditors at the Marrakesh meetings. The government defaulted on its $46 billion debt last year at a time when months of food and fuel shortages were making life a misery for Sri Lanka's 22 million people.

Source: Daily Nation October 13, 2023 04:22 UTC