IMF Disburses US$187 Million to Zambia, Praises Economic Resilience
The International Monetary Fund (IMF) has allocated a substantial disbursement of US$187 million to Zambia, marking a pivotal milestone following the completion of the second review under the Extended Credit Facility (ECF).
This recent disbursement elevates the total funds extended to Zambia by the IMF to a significant US$561 million. Earlier in July of the current year, Zambia received an approximate sum of $188 million, contributing to this cumulative amount.
These disbursements align with the envisaged US$1.3 billion under the 38-month Extended Credit Facility (ECF), initially sanctioned in August 2021.
The Ministry of Finance and National Planning affirmed these developments, highlighting the positive impact of the IMF’s continued financial support.
Finance and National Planning Minister Situmbeko Musokotwane expressed elation, citing Zambia’s impressive economic resilience despite prevailing challenges.
Dr. Musokotwane, in a statement to ZNBC News, applauded the IMF’s acknowledgment of Zambia’s economic fortitude. He emphasized the country’s strides in achieving favorable growth, fiscal consolidation, and constructive engagement with creditors.
The Finance Minister reiterated the government’s unwavering commitment to meeting the objectives outlined in the ECF program.
Dr. Musokotwane extended a call to various stakeholders, including the international community, urging continued support for Zambia’s ongoing reform endeavors.
IMF’s Chief for Zambia, Vera Martin Mercedes, in a virtual press briefing, commended the Zambian government’s steadfast policy implementation and dedication to maintaining macroeconomic and fiscal stability. Mercedes praised the country’s concerted efforts to address diverse economic challenges.
Highlighting the allocation’s utilization, Mercedes confirmed that a portion of the disbursed funds would contribute to budget support and implementation.
Looking ahead, she indicated that the third review might be scheduled around June 2024, underscoring ongoing collaboration and progress between Zambia and the IMF in bolstering the nation’s economic trajectory.
SOURCE:ZNBC
