Zambia News

Zambia Reaches Staff-Level Agreement With International Monetary Fund

Zambia and the International Monetary Fund (IMF) have struck a Staff-Level Agreement (SLA) on economic and financial policies that would underpin the execution of an economic recovery program for the following 12 months.
This comes after the program’s first review mission for the Extended Credit Facility (ECF).

IMF Management and the Executive Board must first approve the deal before it can be implemented after receiving the required finance guarantees.
The second payout will start once the IMF Executive Board has given its approval.
The agreement was reached after an IMF team visit to Lusaka from March 22–April 5, 2023.

Mission Commander for Zambia ALLISON HOLLAND served as the team’s leader.
In addition to measures to improve public financial management and good governance, the IMF has praised Zambia for effectively adopting a series of domestic reforms to lower the budget deficit and increase social spending in 2022.

The IMF Programme offers assistance to the government in order to decrease poverty, establish fiscal and debt sustainability, and build a strong base for inclusive and long-term growth.

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