Zambia,IMF reach staff level agreement on economic policies

Zambian authorities and the International Monetary Fund -IMF- team have reached a staff-level agreement on economic policies to conclude the second review of the 38-month Extended Credit Facility -supported program.

The IMF Communications Department says Zambia will have access to about 1-hundred and 84-million dollars in financing once the review is approved by IMF Management and completed by the Executive Board.

The IMF notes that despite a challenging environment, the Zambian economy is showing resilience, with real GDP growth now projected at 4.3 percent in 2023 and 4.7 percent in 2024.

The IMF further observes that external and domestic conditions have put pressure on the external balance and the exchange rate and raising inflation.
The global body further notes that economic policies will continue to focus on restoring macroeconomic stability and debt sustainability, while protecting health, education, and social spending, safeguarding financial stability, and stepping up structural and governance reforms to unlock Zambia’s growth.

And IMF mission chief for Zambia VERA MARTIN who led an IMF team to Zambia from October 25th to November 8th, said she was pleased that Zambian authorities and IMF staff team reached a staff-level agreement on the second review of Zambia’s economic program under the ECF arrangement.

Ms. MARTIN at the end of her visit observed that the Zambian economy has performed better than anticipated amidst the challenging conditions.

She said growth is expected to reach 4.3 percent in 2023 as non-mining non-agricultural growth is more than compensating for weak mining production this year.

Ms. MARTIN further observed that Zambian authorities have made progress in implementing reforms under the Fund-supported program, including significant fiscal efforts in 2023, which are expected to continue in 2024, to address lower mining revenues.

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