IMF approves $1.3bn loan to Zambia

In exchange, Zambia will have to address corruption, get rid of fuel subsidies, and improve agriculture subsidies.

IMF approves $1.3bn loan to Zambia

Zambia will receive a loan from the International Monetary Fund for $1.3 billion (£1.1 billion).

It promised to assist Zambia in reestablishing economic stability and promote faster more inclusive growth.

The fund claimed that Zambia's growth rates were too low to address poverty, inequality, and starvation and that the country had endured years of economic mismanagement.

In exchange, Zambia will have to address corruption, get rid of fuel subsidies, and improve agriculture subsidies.