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IMF says board approves $1.3 billion loan program for Zambia

WASHINGTON, Aug 31 (Reuters) - The International Monetary Fund said on Wednesday its Executive Board approved a 38-month loan program for Zambia worth 978.2 million Special Drawing Rights, or about $1.3 billion at current exchange rates.

The approval of the Extended Credit Facility program will enable the immediate disbursement about $185 million to the debt-distressed southern African country, the IMF said in a statement. (Reporting by David Lawder; Editing by Christian Schmollinger)