IMF approves $1.3bn loan to Zambia

The International Monetary Fund has approved a $1.3bn (£1.1bn) loan to Zambia.

It said it would help Zambia restore economic stability and foster higher and more inclusive growth.

The fund said Zambia was dealing with years of economic mismanagement and its growth rates were too low to tackle poverty, inequality and malnutrition.

In return Zambia will have to tackle corruption, eliminate fuel subsidies and make agricultural subsidies more efficient.

This article originally appeared on BBC News

Photo: AFP