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Reuters
Reuters
Business
By Jorgelina do Rosario and David Lawder

YOU WONT BELIEVE: Zambia wins imf board approval for 1 3 billion loan program - You Need To See This

Zambia Fund International Monetary Fund Kristalina Georgieva Covid-19 Economy G20
FILE PHOTO: The International Monetary Fund logo is seen at IMF headquarters in Washington, U.S., October 14, 2017. REUTERS/Yuri Gripas/File Photo

Zambia won International Monetary Fund approval for a $1.3 billion, 38-month loan program on Wednesday, a crucial step in the southern African country's quest to restructure its debts and rebuild an economy ravaged by mismanagement and COVID-19.

The IMF said in a statement that the new Extended Credit Facility arrangement would provide total funding of 978.2 million Special Drawing Rights - about $1.3 billion at current exchange rates - equivalent to 100% of Zambia's Fund quota, or shareholding.

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