The International Monetary Fund -IMF- has released the first installment of $185m which Zambia qualified for last month under the bailout package.
On Thursday last week, the Ministry of Finance received the first installment from the IMF.
Ministry of Finance Director for Economic Management, Mulele Mulele said the IMF will be releasing the installments every six months after a review by the multilateral lender.
Mr Mulele said the IMF will be conducting reviews every six months before the next installment is made.
Speaking when he addressed journalists at a media engagement on the Zambia – IMF Advocacy this morning in Lusaka, Mr Mulele said there are some targets and benchmarks which Zambia needs to meet before another installment is released.
He said the one point three billion bailout package is divided into seven installments which will be disbursed in six months intervals for the next three years.
Mr Mulele said the IMF bailout is a zero interest loan with a five year grace period and a maturity period of 10 years.
He revealed that getting the bailout has unlocked more funding from other lenders who are ready to help Zambia.
Meanwhile, Ministry of Finance Assistant Director for External Debt Masitala Nanyangwe has disclosed that part of the IMF bailout condition is that Zambia will no longer get non-concessional loans. ZNBC.