Government and the International Monetary Fund IMF have reached a Staff-Level-Agreement on economic policies and reforms, following the successful third review of the Extended Credit Facility Programme.
The Staff Level Agreement includes a request made by Government to access an additional $388 Million, to preserve macroeconomic stability and support response to external shocks.
The Staff Level Agreement, subject to approval by the IMF Executive Board, will guide program implementation for the next 12 months and trigger the fourth disbursement of $187 Million, upon approval.
According to a statement issued to RCV News by Office of the Secretary to the Treasury, IMF noted that the ongoing drought has created a more challenging economic environment and commended Zambia for targeting emergency relief to the vulnerable.
And Commenting on the development, Minister of Finance and National Planning, Situmbeko Musokotwane, said the Staff Level Agreement is testament to Zambia’s determination to rebuild macroeconomic and debt sustainability, as well as its ongoing efforts to conclude the debt restructuring process within IMF Programme parameters.
“Government is thankful to the IMF Mission to Zambia for completing the third programme review which has culminated into a Staff Level Agreement for the Extended Credit Facility Programme,” said Dr. Musokotwane.
Dr. Musokotwane said that government is further pleased that the IMF acknowledges efforts Zambia is making to revitalise its economy.
The IMF fielded a mission to Zambia from April 24 to May 7, 2024, as part of the 3rd review of the Extended Credit Facility Programme.
By Angel Kasabo
