Zambia’s Economic Reforms Commended by IMF, Growth Outlook Remains Strong
The International Monetary Fund (IMF) has praised Zambia for its encouraging strides in economic transformation and debt management. Speaking during a bilateral meeting in Washington DC, IMF Deputy Managing Director Nigel Clarke praised the Zambian Government’s efforts and urged authorities to further strengthen domestic revenue mobilisation.
The meeting was held on the sidelines of the IMF and World Bank Group Spring Meetings, where Zambia’s delegation was led by Finance and National Planning Minister Dr. Situmbeko Musokotwane, MP. Mr. Clarke is scheduled to visit Zambia next week for continued engagement.
In its latest regional economic outlook, the IMF projected Zambia’s economy to grow by 6.2% in 2025. This aligns closely with the Zambian Government’s more optimistic forecast of 6.6%, as outlined in the 2025 National Budget.
Dr. Musokotwane reaffirmed Zambia’s commitment to home-grown reforms aimed at maintaining economic stability, improving the investment climate, and creating jobs—particularly for young people.
He attributed recent investor confidence to increased fiscal discipline and prudent debt management, stating, “Even as we complete the debt restructuring process, our Government will remain focused on fiscal stabilisation and scaling up domestic revenue.”
Accompanying Dr. Musokotwane were Secretary to the Treasury Felix Nkulukusa, Bank of Zambia Governor Dr. Denny Kalyalya, and Zambia Revenue Authority Commissioner General Dingani Banda. Zambia also participated in the Global Parliamentary Forum through Members of Parliament Sibongile Mwamba and Sibeso Sefulo.
The Ministry of Finance dismissed recent online claims that the IMF directed Zambia to halt all new borrowing until debt restructuring is complete. The Ministry clarified that loan decisions are guided by assessments of national needs, debt sustainability, and are subject to parliamentary approval under the Public Debt Management Act No. 15 of 2022.
Zambia’s performance has been internationally recognised as a model of fiscal responsibility and transparency. The Government pledged to stay focused on economic reform to improve livelihoods across the country.
