IMF Approves $187M Payout for Zambia Under Extended Credit Facility
Zambia's Minister of Finance and National Planning Dr. Situmbeko Musokotwane welcomed the payout, saying "some reform measures will be stringent but need implementing now."
LUSAKA, Zambia - The International Monetary Fund (IMF) on Wednesday disbursed approximately $187 million to Zambia under the Extended Credit Facility (ECF), writes Kennedy Phiri.
This follows completion of the 2nd review for Zambia by the IMF Executive Board.
Zambia's Minister of Finance and National Planning Dr. Situmbeko Musokotwane welcomed the payout, saying "some reform measures will be stringent but need implementing now."
The minister praised citizens who ensured the economic transformation remained on track, citing positive growth, fiscal performance, debt consolidation and continued engagement with creditors.
"Despite challenges, the economy shows resilience," Dr. Musokotwane said.
The government aims to create jobs, grow the private sector, develop the nation and improve livelihoods quickly under the IMF-supported program.
The ECF is based on the Zambian government's reforms to restore macroeconomic stability, achieve fiscal and debt sustainability, and foster higher, more resilient and inclusive growth.
This is the second successful review after the first in July enabled disbursement of $188 million.
Total disbursements now stand at $561 million of the $1.3 billion under the 38-month ECF program.
The ECF funds have highly concessional zero percent interest and a long grace period.
On Aug. 31, the IMF approved a $1.3 billion 38-month ECF arrangement to help Zambia restore stability and growth.