IMF Praises Zambia’s Efforts in Economic Transformation Amid Drought Crisis

The International Monetary Fund (IMF) Resident Representative for Zambia, Eric Lautier, has commended Zambian authorities for making significant progress in transforming the country’s economy despite ongoing challenges.

Mr Lautier noted that the drought in Zambia has had severe consequences, affecting nearly 4.8 million people. In response to this crisis, the Economics Association of Zambia (EAZ) will host the 2024 Economic Summit on July 25th and 26th at Ciela Resort in Chongwe District, Lusaka.

During the summit, stakeholders will analyze strategies to navigate the disaster and foster economic resilience. Mr Lautier emphasized the summit’s importance as a platform for collaboration between the government, industry players, and other stakeholders, demonstrating their commitment to overcoming economic challenges.

The theme of this year’s summit is “Pioneering Zambia’s Sustainable Economic Transformation through Climate Change Adaptation and Sustainable Financing Mechanisms after Debt Restructuring.” 

Mr Lautier extended an invitation to the summit, highlighting the critical need to address Zambia’s sustainable economic transformation amid the severe drought impacting agriculture, electricity generation, and overall economic activity.

“Preliminary estimates suggest that about 4.8 million people have been affected,” he said. The country now faces the challenge of securing external financing to bridge food and energy deficits and address fiscal gaps, including humanitarian responses and scaling up the Social Cash Transfer and other economic recovery interventions.

Despite these challenges, Mr Lautier acknowledged that Zambian authorities are committed to their reform agenda under the 8th National Development Plan, supported by the IMF’s Extended Credit Facility.

This information was contained in a statement issued by the Economics Association of Zambia (EAZ) Acting Chief Executive Officer, Tendai Posiana.