AN International Monetary Fund(IMF) mission has arrived in Lusaka to commence the first review of Zambia’s IMF Program under an Extended Credit Facility (ECF) arrangement, and Article IV consultations.
The discussions come after Zambia received Executive Board approval for an IMF programme in August 2022.
The IMF programme supports the government’s reform plan to restore debt sustainability, create fiscal space for much-needed social spending, and achieve sustainable and inclusive economic growth.
The IMF delegation which is in the country is being led by Allison Holland, Mission Chief for Zambia, and will be in Zambia from March 22–5 April to undertake the first review and Article IV consultation.
This is contained in a statement issue by Secretary to the Treasury Felix Nkulukusa.
As part of the programme, the IMF will be undertaking scheduled regular reviews to assess Zambia’s progress in implementation of the ECF programme.
During this first review and Article IV Consultation, the IMF will collect economic and financial information, and discuss the country’s economic developments and policies.
“The Fund will be assessing performance in areas such as restoration of fiscal and debt sustainability; improving debt management and transparency; strengthening governance and financial sector stability; and strengthening financial management,” statement reads.
Mr Nkulukusa said the Ministry of Finance and National Planning is pleased to welcome the IMF Mission Team back to Lusaka and to have the opportunity to discuss Zambia’s positive reform progress and next steps in the program implementation.
He said government remains committed to delivering positive economic impacts for the country and improving the livelihoods of the Zambian people with the support of IMF.
(Mwebantu, Thursday, 23rd March, 2023)