IMF to surcharge Zambia
ZAMBIA is among the 22 countries in the world set to be surcharged by the International Monetary Fund (IMF) next year for defaulting on their loan repayments, increasing the interest rates to three percent from one percent.
This will consequently increase the amount of debt for the 22 affected countries, which are under threats of surcharges.
The IMF surcharges are clauses included in all its agreements and are activated once a country defaults on its loans.
Egypt, Zambia, Angola, and now Kenya are among the African countries facing these surcharges.
this is what makes the story not clear. how come the bail out the restructuring was achieved and now??