The International Monetary Fund (IMF) announced a $1.3 billion support package for Zambia in an effort to restore macroeconomic stability and promote economic growth. The United Kingdom has welcomed this announcement.
Zambia’s economic prospects would be significantly improved by the success of the IMF deal, according to UK Minister for Africa Vicky Ford.
“Delighted the IMF has agreed a landmark $1.3 billion programme for Zambia. Congratulations to my Zambian friends for this breakthrough agreement which will help get Zambia’s economy back on a path to sustainable growth, unlock investment and strengthen the government’s reform agenda,” Ford said.
Nicholas Woolley, the UK’s high commissioner to Zambia, said the agreement supports the ambitious reform program of the Zambian government.
He said that the agreement contains significant changes to FISP, fuel subsidies, and the energy sector that will be implemented in the upcoming months.
The UK in Zambia, according to Mr. Wooley, is a staunch supporter of the changes and applauds the IMF for helping to advance the crucial domestic agenda.
“I am thrilled that IMF Board has approved $1.3billion program for Zambia. It is a major milestone that paves way for World Bank on-budget support, resolving debt, sustainable economic growth, delivering more jobs and more investment in Zambia’s social sectors and development. I Salute government and all involved,” he said.
According to Mr. Wooley, the reforms have the potential to vastly enhance the amount of cash available for development and the eradication of poverty.
According to him, Zambia will continue its reform path with the UK as a firm partner, building on the country’s significant gains over the previous 12 months.