Business and Technology

Zambia and IMF reach agreement on $1.4 billion credit facility

President HAKAINDE HICHILEMA says debt restructuring efforts are beginning to bear fruit following the signing of the Staff level Agreement with the IMF.

President HICHILEMA says this means that Zambia will NOW qualify to join the common framework on debt treatment, which will enable the country to transparently renegotiate its debt.

The President says this will also improve the country’s credit ratings which will result in ZAMBIA accessing cheaper and deeper financing to make necessary economic and social interventions as promised to citizens.

President HICHILEMA said ZAMBIA will also be able to attract more foreign capital which will not only create jobs but also positively affect the exchange rate.

The President said the UPND Alliance promised to address debt as a priority and that Government is fulfilling that promise.

The staff level agreement will see IMF make available 1 point 4 billion United States Dollars over a period of three years to the Zambian Government, once board approval is done.

President HICHILEMA says this will bring the total International Monetary Fund’s support to 2 point 7 Billion United States Dollars.

The President says signing an IMF staff level agreement follows measures, the UPND Administration has taken, within the 100 days of being in office.

He said the measures will move the country towards fiscal consolidation, economic stabilization and resumption of growth.

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