Zambia Sets Record Straight on IMF Relationship After Public Misinterpretation
The Government of the Republic of Zambia has issued a clarification regarding the country’s engagement with the International Monetary Fund (IMF) and the World Bank, following recent public commentary on remarks made by Foreign Affairs and International Cooperation Minister Mulambo Haimbe, S.C., M.P.
In a statement released by the Ministry of Foreign Affairs and International Cooperation, Principal Public Relations Officer Eva Hatontola Chanda said the Minister’s comments were made in the context of Zambia’s debt restructuring process, default status and programme conditionality under international financial arrangements.
The Ministry stated that Zambia successfully implemented a comprehensive debt restructuring programme supported by an IMF Extended Credit Facility (ECF), which helped restore macroeconomic stability and address unsustainable debt levels.
It further noted that Zambia has concluded restructuring agreements with both official and commercial creditors and is among the first countries globally to complete debt treatment under the G20 Common Framework in full compliance with IMF programme commitments.
Clarifying the Minister’s remarks that “we do not owe the IMF as of now,” the Ministry explained that this referred specifically to arrears or defaulted obligations, stating that Zambia does not have IMF arrears and has fully met its obligations under the concluded programme.
“The country has not defaulted on its obligations since the restructuring programme was put in place and successfully completed the sixth and final ECF review in January 2026,” the statement read.
The Ministry further clarified that Zambia’s current relationship with the IMF has shifted from programme lending to post-programme surveillance, a standard arrangement following the conclusion of IMF-supported programmes. It emphasised that there is no active IMF lending programme in place at present.
It also noted that Zambia continues to hold concessional obligations linked to previous IMF support, describing them as long-term, low-interest and development-oriented commitments that are fully current and not associated with debt distress or arrears.
“These obligations form part of Zambia’s normal multilateral financing framework and should not be conflated with default or debt distress,” the Ministry stated.
The Government further highlighted that the successful completion of the IMF programme has contributed to increased concessional financing from multilateral partners, including the World Bank, reflecting renewed confidence in Zambia’s economic management and reform agenda.
Reaffirming its position, the Government said it remains committed to fiscal discipline, transparency and continued economic reforms aimed at ensuring long-term debt sustainability and inclusive growth.
For further clarification on Zambia’s debt position, the Ministry referred queries to the Secretary to the Treasury at the Ministry of Finance and National Planning.
