The International Monetary Fund (IMF) said on Tuesday that it had reached a staff-level agreement with Zambia on the third review of the country's Extended Credit Facility.

Once approved by IMF's executive board Zambia will have immediate access to roughly $573 million.

The fund added in a statement that Zambia had asked for its financial support to be increased from roughly $1.3 billion to $1.7 billion.

(Reporting by Bhargav Acharya; Additional reporting by Karin Strohecker; Editing by Alexander Winning)