Crisis-hit Zambia secures $1.3bn IMF loan to rebuild stricken economy

Years of mismanagement have led to soaring debt levels, but critics say that without meaningful relief, austerity will continue

The International Monetary Fund has approved a $1.3bn (1.1bn) loan to Zambia, as the country scrambles to rebuild its crisis-hit economy after defaulting on its foreign debts in 2020.

The Covid pandemic compounded Zambia's economic woes, blamed on years of mismanagement and corruption, which left the country with unsustainable levels of debt.