Zambia and the International Monetary Fund (IMF) have reached a Staff-Level Agreement on economic policies and reforms, that marks the conclusion of the fourth review of the 38-month Extended Credit Facility (ECF) arrangement by IMF Staff and Zambian Authorities.
The Staff-Level-Agreement is subject to IMF management approval, and executive board consideration which once approved, Zambia will have access to the fifth tranche of $185.5 million in financing under the ECF Supported Programme.
IMF team led, Mercedes Vera Martin, said that IMF has revised the 2024 real GDP growth projection to 1.2% from 2.3%, due to power challenges the country is facing.
And commenting on the development, Minister of Finance and National Planning, Situmbeko Musokotwane, said government is pleased with the progress made in the deliberations with the IMF staff team.
He said that government will continue to work towards the achievement of results in alignment with the expectations of citizens, other stakeholders and the international community.
Dr. Musokotwane said that reaching the staff level agreement during a period when the country is facing un-familiar experiences such as food and energy challenges induced by the drought, is a testimony of the confidence that the IMF and the international community has on Zambia.
He said that government will continue to use home-grown solutions targeted at restoring macroeconomic stability, attaining debt sustainability, enhancing human development, and improving good governance.
This is contained in a statement made available to RCV News in Lusaka today by Secretary to the treasury, Felix Nkulukusa.
Angel Kasabo
