Zambia News

Zambia’s Economic Recovery Program Gets IMF Approval for $1.3 Billion

The US$1.3 billion Economic Recovery Programme for Zambia has been approved by the IMF Board.

Following ZAMBIA’s steadfast commitment to economic reforms, the three-year program has been adopted.

The Board of Directors has authorized the Zambian program, according to IMF Managing Director KRISTALINA GEORGIEVA.

The IMF Board, according to Ms. Georgieva, is pleased with Zambia’s domestic reforms and efforts to create a better future for all Zambians.

She stated that the IMF Board is pleased to support the government of Zambia in its efforts to promote economic governance and transparency, increase much-needed social spending, and restore macroeconomic stability.

Just last year, according to Ms. GEORGIEVA, ZAMBIA provided free education, employed 41,000 more teachers and health professionals, and enacted measures to increase openness.

She added that the IMF Board’s decision marks a significant turning point for the G20 Common Framework because official creditors have agreed to assist in reducing ZAMBIA’s debt to levels that are manageable.

The FUND-supported initiative needed to be approved, according to Ms. GEORGIEVA.

She claimed that the IMF supports the call made by the Official Creditors Committee of ZAMBIA for comparable debt treatment for private and other official bilateral creditors.

Ms. Georgieva has since complimented the Zambian government for the accomplishment and stated that the effective implementation of the IMF program will unleash fresh growth possibilities for the Zambian people.

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