IMF Deputy Chief Praises Zambia’s Economic Reforms
The International Monetary Fund (IMF) has reaffirmed its commitment to supporting Zambia’s economic reform programme, with visiting IMF Deputy Managing Director Dr. Nigel Clarke describing Zambia as “a country of tremendous potential.”
Dr. Clarke, who is on a three-day official visit to Zambia, held high-level discussions today with Finance and National Planning Minister Dr. Situmbeko Musokotwane, MP. His visit comes two years after IMF Managing Director Kristalina Georgieva’s visit in 2023.
Speaking after the meeting, Dr. Musokotwane credited the IMF-supported Enhanced Credit Facility (ECF) Programme with helping Zambia recover from a period of severe economic decline caused by unsustainable debt levels between 2015 and 2021.
The minister noted that reforms implemented by the current administration have yielded positive results, with GDP growth of 4% recorded in 2024 and a projected 6.6% for 2025.
“Three, four years ago, our country was in dire straits. But through our homegrown economic reform programme, and with the support of the IMF, we have made tremendous progress,” said Dr. Musokotwane.
He highlighted achievements such as debt restructuring, reprioritization of public spending, recruitment of teachers and health workers, and drought relief efforts as key milestones made possible through the reform agenda.
“The initiative was Zambia’s. We realized the situation was unsustainable and acted decisively,” he added, thanking the IMF for its support over the past three and a half years.
Dr. Clarke echoed the minister’s sentiments, praising Zambia’s natural wealth and the government’s efforts to stabilize and grow the economy.
“Zambia is a beautiful country with tremendous potential. The IMF is proud to partner with the Zambian Government on its reform journey to benefit the Zambian people,” he stated.
Dr. Clarke was accompanied by a high-level IMF delegation, including Mr. Costas Christou (Deputy Director – Africa Region), Mr. Adriano Ubisse (Executive Director – IMF Group 1 Constituency), and Ms. Mercedes Vera-Martin (Mission Chief for Zambia), among others.
During his visit, Dr. Clarke will meet President Hakainde Hichilema and hold engagements with students from the University of Zambia, civil society, the private sector, and cooperating partners.
