Zambia: HIPC targets have been met, IMF team

Zambia is set to reach the Highly Indebted Poor Countries (HIPC) debt-relief completion point, according to an International Monetary Fund (IMF) statement. The country has an external debt of US $6.5 billion, of which $3.8 billion will be written off once the HIPC completion point is achieved. An IMF staff mission to Zambia commented that "IMF and World Bank staff have reviewed progress made in meeting the steps required for reaching the completion point under the HIPC initiative. Information received indicates that all triggers relating to poverty reduction and social sectors have been met".