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The International Monetary Fund (IMF) reached new lending deals with two African governments within two days last week. Its staff agreed a 36-month Extended Credit Facility worth about $1.47 billion with Zambia on 9 October, a day after a 38-month programme of about $203 million with Niger; both still need approval by the IMF board. Zambia's previous $1.7 billion programme expired in January, and the IMF said Lusaka would reverse temporary fuel tax relief and cut non-priority capital spending. The deals should support reserves and investor confidence, but in Zambia they will pass more of the oil shock on to consumers.
