The International Monetary Fund (IMF) and the Zambian government have reached a Staff-Level Agreement to complete the sixth and final review under Zambia’s Extended Credit Facility (ECF), paving the way for the disbursement of about US$190 million.
Once approved, the release will bring total IMF support to Zambia to approximately US$1.7 billion since August 2022.
The Zambian government has welcomed the development, saying it confirms the country has remained firmly on track under the IMF programme despite domestic and global economic shocks.
Authorities say the reforms undertaken are producing measurable and increasingly visible results for citizens, businesses and investors.
IMF Mission Chief for Zambia, Mercedes Vera Martin, said the Fund was encouraged by the country’s progress and resilience. She noted that Zambia has significantly reduced macroeconomic imbalances, implemented sustained fiscal consolidation while protecting social spending, and rebuilt buffers to improve resilience to shocks.
Finance and National Planning Minister Situmbeko Musokotwane described the agreement as both an affirmation of discipline and a signal of renewed opportunity.
He said it confirms that the reforms undertaken by Zambians are restoring stability and making the economy predictable and attractive to investors.
He also praised President Hakainde Hichilema, Cabinet, the private sector, cooperating partners and citizens for their resilience throughout the reform process.
The IMF has acknowledged Zambia’s improved fiscal performance and the rebuilding of international reserves, which now stand at about US$5.2 billion, equivalent to roughly five months of import cover.
Inflationary pressures are gradually easing, supported by a stronger kwacha, lower fuel prices and improved food supply, contributing to greater stability in prices, the exchange rate and the business environment.
Looking ahead, the IMF projects average economic growth of 5.6 percent between 2026 and 2031, driven by investment, agriculture, energy reforms and increased copper production.
The details are contained in a statement issued by the Office of the Secretary to the Treasury.
