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The International Monetary Fund (IMF) says Zambia has made significant progress in implementing fiscal adjustments, enhancing fiscal controls, scaling up social sector spending and continued efforts to restore its debt sustainability, despite the challenging global environment.

IMF fielded a mission to Zambia from April 24 to May 7, 2024, as part of the third review of the Extended Credit Facility (ECF) Programme during which discussions were held on recent economic developments, including the impact of the drought on the economy.

Minister of Finance and National Planning, Situmbeko Musokotwane expressed gratitude to IMF for the continued collaboration with government in addressing the challenges facing the economy.

“The drought and humanitarian response required to support the vulnerable in society demands that the budget is revised,” said Dr. Musokotwane in a statement.

Dr. Musokotwane said going forward, government will continue to focus on maintaining macroeconomic stability, restoring fiscal and debt sustainability, enhancing human development and improving the governance environment in line with the  home-grown economic reform agenda.

He said to complete the third review, discussions will continue virtually in the coming weeks and the conclusion will be communicated to the public.

This is contained in a statement availed to RCV News today by the Office of the Secretary to the Treasury.

By Bibiana Lambart

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