IMF Praises Zambia’s Economic Progress Amidst Challenges
A recent mission by the International Monetary Fund (IMF) to Zambia has highlighted the country’s significant strides in implementing fiscal adjustments, boosting social sector spending, and working towards debt sustainability.
The mission, conducted as part of the third review of the Extended Credit Facility (ECF) Programme, took place from April 24 to May 7th, 2024, and focused on various economic aspects, including the impact of drought on the economy.
Despite facing global challenges, Zambia has shown commendable progress in fiscal management and social sector investment, as noted by the IMF mission.
The country’s growth and fiscal performance in 2023 exceeded expectations, despite setbacks in agricultural and mining sectors due to the drought.
Minister of Finance and National Planning, Dr. Situmbeko Musokotwane, expressed gratitude to the IMF for their collaboration in addressing economic challenges.
He emphasized the need to revise the budget to accommodate responses to the drought and support vulnerable communities.
Dr. Musokotwane reiterated Zambia’s commitment to maintaining macroeconomic stability, improving fiscal management, and enhancing human development in line with their economic reform agenda.
To conclude the third review of the ECF Programme, further discussions will be conducted virtually in the coming weeks, with outcomes communicated to the public thereafter.
