Visiting International Monetary Fund –IMF- Managing Director Kristalina Georgieva is impressed with the efforts by the Zambian government to tackle the country’s debt situation coupled with key economic reforms which has laid a foundation for sustainable economic growth.
In December 2021, the IMF team reached a staff-level agreement with the Zambian authorities on a new arrangement under the Extended Credit Facility -ECF- for 2022-2025 in the amount of about US$1.4 billion to help restore macroeconomic stability and provide the foundation for an inclusive economic recovery.
And speaking when she conferred with President Hakainde Hichilema at state house today, Ms Georgieva said she is elated that Zambia has made tremendous progress towards restoring the economy supported by the IMF, which seeks to restore fiscal and debt sustainability.
Ms Georgieva says the IMF is keen to continue its engagement with Zambia to generate more momentum for economic growth.
Meanwhile, President Hakainde Hichilema says further delay in debt restructuring may affect the gains that have been made so far and hopes the restructuring programme can be concluded before the end of the first quarter of 2023.
The head of state says the expedition of the debt restructuring programme will create fiscal space for the much-needed social spending, investment and strengthen economic governance.