LUSAKA, Oct. 17 (Xinhua) -- The International Monetary Fund (IMF) has urged authorities in Zambia to redefine borrowing plans in view of risks associated with high levels of debt, a senior government official said on Tuesday.
Ministry of Finance Permanent Secretary for Economic Management Mukuli Chikuba said this was one of the issues discussed during a side meeting with the IMF during the IMF/World Bank Spring meetings last week.
In a statement released by the ministry, he said the government has since agreed to provide data on recent developments in the economy, the 2018 budget and the borrowing plans.
The two parties, he said, discussed the need to continue fiscal consolidation and reassessment of the priorities in the 2018 budget and the need to review and redefine the macroeconomic framework that anchors a path toward debt sustainability.
"Once this data has been reviewed and validated, the IMF would field a field staff visit to Zambia with the objective of redefining the macroeconomic framework," he said.
Last week, the IMF expressed concern at the pace at which Zambia's public debt, especially external debt, has increased.
According to government figures, Zambia's total public debt stood at 12.45 billion U.S. dollars in August 2017, representing 47 percent of gross domestic product (GDP), with the external debt standing at 7.5 billion dollars.
The Zambian government had been hoping to get an IMF bailout program before the end of this year.
But the IMF said last week that no deal has been reached yet.
Zambia has been seeking an IMF bailout program, estimated at 1.3 billion dollars, since 2014.
