Zambia’s cabinet has cleared the way for the southern African nation to request a 12-month extension of its International Monetary Fund programme, a move that will please creditors as it will help the country maintain tighter controls on spending ahead of elections in August next year.

Finance Minister Situmbeko Musokotwane has received the cabinet’s approval to seek the extension of the programme that’s due to expire in October, Information and Media Minister Cornelius Mweetwa said Wednesday in comments broadcast on state television.

“The objective is to consolidate the gains achieved during the program period,” and support ongoing home-grown reforms, he said.

The step will also help catalyse financing for Africa’s second-biggest copper producer as it tries to wrap up a years-long debt restructuring process.