IMF to unlock nearly $600 million for drought-hit Zambia

The deal followed a request from Lusaka to increase the loan deal from $1.3 billion (sh4.94 trillion) to $1.7 billion (sh6.46 trillion).

Zambia, now led by President Hakainde Hichilema (pictured), had about $18 billion (sh68.43 trillion) in debt when it defaulted in 2020 but it has since reached a debt restructuring deal with creditors. (AFP)