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The Jesuit Centre for Theological Reflection (JCTR) has urged the government to address the concerns regarding transparency and limited consultations that characterised the finalisation of the current International Monetary Fund programme.
The IMF has granted only a three-month extension to Zambia’s Extended Credit Facility (ECF) Arrangement, a move that JCTR feels validates its earlier concerns regarding the lack of a clear, long-term strategy.
JCTR Social and Economic Development Programme Manager Edward Musosa in a statement issued in Lusaka on Friday, called for a comprehensive and independent assessment of the programme’s socio-economic impact.
Musosa noted that the IMF Executive Board approved the extension until January 30, 2026, to allow for the completion of the Sixth Review and to “lay the groundwork for future program engagement”.
He said this falls short of the 12-month extension the Zambian Cabinet had initially sought.
“This development reinforces JCTR’s position that the government’s approach to its economic reforms, and its reliance on external partners, lacks a clear and attainable exit and sustainability strategy,” Musosa said.
He emphasized the urgent need for the government and the IMF to assess to what extent the ECF had actually supported the attainment of targets in the Eighth National Development Plan.
Musosa stated that the concept of a “home-grown programme” cannot be perpetually reliant on external partners.
“JCTR’s position remains clear: the continued reliance on macroeconomic data risks overlooking the stark realities faced by many Zambian households,” he reiterated.
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Musosa said the increased cost of living, persistent high unemployment, and public finance mismanagement suggest a significant disconnect between official figures and the lived experiences of most Zambians.
He noted that macroeconomic data from the IMF suggests a broadly satisfactory performance, with all end-December 2024 quantitative performance criteria and most end-March 2025 indicative targets met but that this was different from reality.
The ECF programme, initially approved in August 2022 with $1.3 billion in financial support and later augmented to $1.7 billion in June 2024, was designed to restore macroeconomic stability, strengthen investor confidence, and promote inclusive growth.
This 38-month ECF-supported arrangement is based on Zambia’s homegrown Eighth National Development Plan.
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