Wednesday, December 16, 2009

Zambia receives more money from IMF

The International Monetary Fund likes how Zambia's government is balancing it's books, so they have given them more money. Zambia will receive 81.2 million dollars from the IMF after a favorable review of the government's poverty reduction efforts.

From All Africa, we read more about the new money and a statement from the IMF.

According to a statement released by the IMF, Zambia's benefit follows the completion of the third review of the country's performance under the PRGF.

The completion of the review would allow for the immediate disbursement of an amount equivalent to $81.2 million Special Drawing Rights (SDR) to bring the total disbursements to SDR $262.5 million.

The IMF commended Zambia for her solid performance under the PRGF-supported programme and the prudent macro-economic management demonstrated by the country's resilience to the global economic crisis.

"The 2010 Budget is well balanced. The authorities aim to create fiscal space for poverty reduction expenditure and for infrastructure investment to sustain robust and diversified growth.

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