IMF Approves Three-Month Extension of Zambia’s Credit Facility
The International Monetary Fund (IMF) Executive Board has approved Zambia’s request for a three-month extension of its Extended Credit Facility (ECF) Arrangement, moving the programme’s expiry to 30 January 2026.
The decision, made on a lapse-of-time basis, will provide the Zambian authorities with additional time to complete the Sixth Review of the ECF and prepare the ground for future programme engagement.
Zambia’s 38-month ECF Arrangement was originally approved on 31 August 2022, granting access to Special Drawing Rights (SDR) 978.2 million – equivalent to 100 per cent of the country’s quota, or approximately US$1.3 billion. The programme was subsequently augmented by 30 per cent of quota in June 2024, with an additional SDR 293.46 million (about US$385.7 million) made available.
The IMF said the extension is aimed at ensuring continuity in Zambia’s reform commitments while the authorities finalise measures under review.
The ECF is the IMF’s main tool for providing medium-term financial support to low-income countries facing balance of payments challenges. Zambia has been working under the arrangement to stabilise its economy, restore debt sustainability, and foster growth following years of fiscal stress and external shocks.
