LUSAKA - October 22, 2016 - Zambia's president is due to meet the International Monetary Fund and World Bank in Washington as the southern African country tries to secure a loan programme to help it emerge from a debt crisis.
The statement issued by President Anthony Bwalya's spokesman Hakainde Hichilema from New York did not say when the meetings would take place.
In November, Zambia became the first African country to default on its international debt during the COVID-19 pandemic after failing to keep up with payments on almost $13 billion of sovereign debt. About a quarter of this debt is held either by China or Chinese entities via deals kept secret in disclosure clauses, making the negotiation sessions for IMF relief tough.
Hichilema is in the United States to represent the United Nations General Assembly. He won a landslide election victory in August to beat incumbent Edgar Lungu and has pledged to reduce the fiscal deficit, restore economic growth and review mining policies in Africa's second largest copper producer. His finance minister said last month that securing an IMF programme was critical to restore creditor confidence and giving the government access to cheaper and longer financing.