The Zambian kwacha this afternoon appreciated further against major currencies following an International Monitory Fund (IMF) approval of $1.3 billion bailout to the Southern Africa county.
Zambian Eye’s Asa Manda in Lusaka reports that a Kwacha which was trading around K16 per US dollar the past few days fall to K14 as the country continued to celebrate the long awaited fund.
Zambian leader Hakainde Hichilema who came to office a year ago said the development was a sign of confidence by the International Community to his government.
IMF Managing Director when announcing the approval said the Zambian government will now restructure it’s debt and put more of it’s money to social sector.
Zambian Eye, 1st September 2022.