Zambia endorses IMF Chief, Georgieva, for a second term


Zambia has endorsed the International Monetary Fund (IMF) Managing Director, Kristalina Georgieva, to take up a second term in office.

The backing came after Georgieva was nominated by the European Union (EU) to serve a second term of office, starting on October 1, 2024.

Finance and National Planning Minister, Situmbeko Musokotwane, backed this nomination on behalf on Zambia in a statement issued on Friday.

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“Evidently, Ms Georgieva has shown outstanding leadership in mobilising international support to recognise and help countries that are faced with debt challenges, such as Zambia, partly caused by the Covid-19 pandemic and poor fiscal discipline in the past.

“During her tenure, the IMF has worked tirelessly to help Zambia and other countries to restore their debt challenges and we commend her for the effort. Ms Georgieva fully deserves a second-term,” Musokotwane said.

He recalled that Georgieva had done a lot for low income countries like Zambia while balancing the needs of emerging and developed economies.

Musokotwane also recalled that on August 31, 2022, the IMF, under the leadership of Georgieva, also approved the on-going US$1.3 billion Extended Credit Facility for the period 2022 to 2025.

The Minister indicated that the facility was helping to strengthen and sharpen the focus of Zambia’s economic transformation programme.

“Under her leadership, the IMF has held Zambia’s hand during difficult times such as at the height of the Covid-19 crisis when a grant of US$1.3 billion from the general allocation of Special Drawing Rights (SDRs) equivalent was given to Zambia to address the need for resilience and stability of the economy.

“Together with the help of other partners, the IMF grant helped us to cope with the impact of the Covid-19 crisis. As a member of the IMF, Zambia fully endorses Ms. Georgieva for the second-term, which she fully deserves,” Musokotwane said.

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