Zambia has announced a 10 per cent devaluation, in a series of measures designed to strengthen its economy.
Zambia has announced a 10 per cent devaluation, in a series of measures designed to strengthen its economy. The Finance Minister, Mr. John Mwanakatwe told the Parliament in Lusaka on Friday (17 March) that because of the serious economic situation facing Zambia, the Government had reached agreement with the International Monetary Fund (I.M.F) to borrow 322.6 million kwacha (390 million dollars). He said Zambia had agreed to an IMF request to reduce its balance of payments deficit next year. To move in this direction the government is to impose limits on its own borrowing, and an interim waged and incomes policy is ??? to be introduced.
SYNOPSIS: After the announcement, Mr. Mwanakatwe explained the reasons for Zambia's economic problems, at a news conference at the Finance Ministry.