Zambia Pushes Ahead with Reform and Growth Strategy as IMF Commends Progress
The Government of the Republic of Zambia has reiterated its commitment to macroeconomic stability, fiscal discipline and inclusive growth following the conclusion of the International Monetary Fund (IMF) Sixth Review Mission under the Extended Credit Facility (ECF) programme.
The IMF team, which was in Lusaka from 22 October to 4 November 2025, commended Zambia for maintaining reform momentum despite global and domestic challenges. The mission highlighted continued improvement in inflation, strong investor confidence and increased private-sector lending. Discussions between Zambia and the IMF will continue virtually in the coming weeks.
Finance and National Planning Minister, Dr Situmbeko Musokotwane, MP, welcomed the positive assessment, stating that the country’s economic reforms are beginning to produce meaningful results.
“We are encouraged by the IMF’s recognition that Zambia’s economy has shown resilience, with easing inflation, strong investor appetite for government securities and increased private-sector credit supporting sectors such as agriculture, manufacturing and energy,” said Dr Musokotwane.
He noted that the acknowledgement reflects Zambia’s steady progress in rebuilding confidence at home and abroad, adding that the country is consolidating its position as a results-driven economic reformer.
Dr Musokotwane stressed that safeguarding macroeconomic stability remains a top government priority.
“Stability is not just an economic target; it is the anchor that secures jobs, business confidence and social development,” he said.
The Minister reaffirmed the government’s commitment to fiscal consolidation, aimed at rebuilding financial buffers, sustaining investor confidence and reducing vulnerabilities in public finances while protecting essential social spending.
He further highlighted ongoing efforts to enhance supervision of the financial sector, strengthen governance in state-owned enterprises and reinforce anti-corruption measures.
“Transparency and accountability are the foundation of credible reform. They ensure that every Kwacha is used to improve the lives of Zambians,” he added.
Emphasising the private sector as the engine of inclusive growth, Dr Musokotwane said government reforms are focused on removing investment barriers, improving competitiveness and encouraging industrial expansion.
He cited the recent open-access framework for the Tazama Pipeline as evidence of Zambia’s commitment to transparency, efficiency and energy diversification.
“Addressing the national energy deficit is critical to sustaining production, boosting manufacturing and strengthening Zambia’s economic competitiveness,” he said.
The Minister assured citizens, investors and development partners that Zambia remains firmly on course with its reform agenda.
“Zambia is focused on structural reforms that secure long-term stability and sustained growth. Despite challenges such as the 2024 drought, our progress demonstrates national resilience and collective determination,” he said. “Our vision is clear — a resilient economy that delivers for its people, attracts investment and secures lasting prosperity for the nation.”
