Zambia and the IMF staff agreed on the fourth ECF review, potentially unlocking USD 186 mln upon board approval. The IMF board is set to meet in mid-December to consider the preliminary agreement under the USD 1.3 bln ECF program. Zambia’s public debt-to-GDP ratio is expected to reach 80% by the end of 2024, with optimism around its copper mining sector not yet supported by strong economic fundamentals.