Zambia fails to sign IMF bailout package

By Francis Maingaila

LUSAKA (AA) - The Zambian government has failed to sign an International Monetary Fund (IMF) bailout package, an IMF official told reporters on Saturday.

Zambia needs to meet the conditions such as improving the fiscal performance and weak financial management as well as budget deficit before signing the agreement, said IMF Chief of mission to Zambia Tchidi Tsikata.

"The mission and the Zambian authorities met to agree on the remaining actions needed to reach staff level agreement on the program that could be supported under the IMF's extended credit facilities," Tsikata added.

The remaining actions entail measures to improve fiscal performance and concrete steps towards implementation of key policies, according to the IMF.

Zambian government has agreed to fulfill financial reforms to meet the conditions.

Zambia's Secretary to the Cabinet Fred Yamba told reporters that Zambia would enhance the public financial management through the strengthening of government commitment control systems.