IMF Mission Acknowledges Zambia’s Economic Progress Amid Challenges
A recent visit from the International Monetary Fund (IMF) to Zambia has underscored the nation’s significant advancements in fiscal adjustments, bolstering social sector spending, and efforts toward debt sustainability.
Conducted as part of the third review of the Extended Credit Facility (ECF) Programme, the mission took place from April 24 to May 7, 2024, with a focus on various economic facets, including the impact of drought on the economy.
Despite encountering global adversities, Zambia has demonstrated notable strides in fiscal management and investment in social sectors, as highlighted by the IMF mission.
In 2023, the country’s growth and fiscal performance surpassed expectations, despite challenges faced by the agricultural and mining sectors due to drought conditions.
Dr. Situmbeko Musokotwane, Minister of Finance and National Planning, expressed appreciation to the IMF for their collaborative efforts in addressing economic hurdles. He emphasized the importance of budget revision to accommodate responses to drought and support vulnerable communities.
Dr. Musokotwane reaffirmed Zambia’s commitment to upholding macroeconomic stability, enhancing fiscal management, and fostering human development in alignment with their economic reform agenda.
To finalize the third review of the ECF Programme, further discussions will be conducted virtually in the upcoming weeks, with outcomes communicated to the public thereafter.
