IMF Frees Funds for Zambia, Tanzania

Zambia secured an additional USD256.4 million financing from the International Monetary Fund, of which USD160.1 million will be immediately disbursed. According to

, the sum forms part of the fund's three-year poverty reduction facility for Zambia, which has so far released USD329.7 million for the African nation. Meanwhile, the fund also offered USD340 million to boost Tanzania's foreign reserves amid the global economic crisis. "Out of this money, USD750 million would be released in the 2009/10 national budget," Finance Minister Mustafa Mkullo was quoted by

as saying.

About the author

  • Ma. Rizza Leonzon

    As a former staff writer, Rizza focused mainly on business coverage, including key donors such as the Asian Development Bank and AusAID.