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Vol 56 No 25

Published 18th December 2015


Zambia

Lungu hangs on

President Edgar Lungu told the International Monetary Fund delegation which left Lusaka on 3 December that he intended to call general elections well before they are due next September, a leaked IMF report says. He rejected the offer of an interest-free US$1 billion loan to help the economy ride the current storm of low copper prices, electricity shortages, a plunging currency and high debt, but asked the Fund to remain 'engaged'. Lungu is desperately seeking finance elsewhere to hold at bay until after the polls the drastic austerity measures demanded and which the Fund would attach to any loan.

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