Zambia asks for IMF loan to be increased to $1.7 billion

The Zambian government has requested that its $1.3 billion loan program be increased to $1.7 billion to help respond to a severe drought.

The International Monetary Fund (IMF) has reached a staff-level agreement on the third review of Zambia's Extended Credit Facility, which will provide access to roughly $573 million once approved.

Zambia is one of several African countries struggling with a drought-induced food crisis.

The country is close to completing a debt-restructuring process that has been delayed for over three years.