The team also conducted the 2023 Article IV consultation.Īt the conclusion of the visit, Ms. The arrangement was approved by the IMF Executive Board for a total amount of SDR 978 million (US$1.3 billion) on August 31, 2022. Allison Holland, Mission Chief for Zambia, held meetings in Lusaka from March 22 to April 5, 2023, to discuss progress on reforms and the authorities’ policy priorities in the context of the first review of Zambia’s 38-month program under the Extended Credit Facility (ECF)-supported program.
The authorities remain committed to strengthening transparency and fighting corruption.Īn International Monetary Fund (IMF) staff team, led by Ms. To remove any hurdles to the timely completion of the review, Zambia needs official creditors to move forward and reach agreement on a debt treatment in line with the financing assurances they provided in July 2022 the economy has rebounded, fiscal credibility has been restored, and, with the authorities’ continued strong reform momentum, growth is expected to pick-up further in the medium-term. All structural benchmarks and quantitative performance criteria for the first review have been met Zambia will have access to about US$188 million in financing once the review is approved by IMF Management and formally completed by the IMF Executive Board.
IMF staff and the Zambian authorities have reached a staff-level agreement on economic policies to conclude the first review of the 38-month ECF-supported program.
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