IMF Director Assures That Bailout Package Will Not Have Harsh Conditions

The International Monetary Fund (IMF) Managing Director, Kristalina Georgieva, has assured Zambians that the IMF bailout package for the country will not come with harsh conditions that will negatively affect its citizens.

She stated that the IMF has transformed into a better global institution that works for the benefit of nations seeking bailout packages like Zambia. Georgieva also highlighted that the IMF promotes good governance and is not the same institution it was in the past.

She added that the debt restructuring in Zambia will take time because of the complex nature of the debt structure which involves multiple creditors, both private and public sector creditors.

The IMF Chief has also commended the UPND government for its efforts in improving transparency and fighting corruption.

Georgieva concluded her visit to Zambia by calling on creditors to reach an agreement on debt treatment as soon as possible.

She said the IMF will convene a new round-table with lending institutions and creditors to speed up debt negotiations for countries like Zambia.