IMF executive board approves USD184M to support Zambia’s financial reforms
Date
12/17/2024 7:39:35 AM
(MENAFN) The Executive Board of the International Monetary Fund (IMF) has approved the fourth review of Zambia's economic reforms, facilitating an immediate disbursement of 184 million U.S. dollars to assist the country's recovery efforts. This approval brings the total disbursements under Zambia's 38-month extended credit facility arrangement to 1.3 billion dollars, as announced by the Zambian Ministry of Finance and National Planning on Tuesday.
Finance Minister Situmbeko Musokotwane expressed gratitude to the IMF Executive Board for their continued support, noting that the approval and the IMF's assessment of Zambia’s debt as sustainable reflect the growing confidence the international community has in the country’s economic progress. The minister emphasized that the approval is a testament to Zambia’s ongoing efforts toward achieving its home-grown economic transformation agenda.
Despite challenges, including the effects of a severe drought, Musokotwane affirmed the government's commitment to stabilizing the economy and pursuing essential reforms. He stated that Zambia would continue with fiscal consolidation and take necessary steps to tighten monetary policies aimed at curbing inflation. The government also plans to accelerate governance and structural reforms to bolster long-term economic growth.
This approval from the IMF marks a significant step in Zambia's ongoing efforts to address its fiscal challenges and recover from economic setbacks. With continued support from the IMF and a focus on sustainable reforms, Zambia aims to achieve economic stability and growth in the coming years.
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