Musokotwane lauds IMF support as Zambia weighs next steps post-programme

Finance and National Planning Minister, Situmbeko Musokotwane, has praised the International Monetary Fund (IMF) for its unwavering support throughout Zambia’s economic recovery, calling the lender a vital partner that “believed in our story.”

With Zambia’s current IMF programme set to conclude in October, the government is in the final stages of deciding whether to extend the arrangement or initiate a new engagement with the Washington-based institution.

Speaking to Bloomberg during the IMF Spring Meetings in Washington, Musokotwane said the programme had been instrumental in stabilising Zambia’s economy.

“The IMF programme for us has worked very well,” he said. “The IMF, they believed in our story — they backed us.”

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The IMF-backed arrangement has supported Zambia’s economic recovery following its landmark sovereign debt default in 2020 — the first by an African country during the COVID-19 pandemic.

Since then, the government has led complex debt restructuring talks with multiple creditors, including Chinese state-owned banks and the Paris Club.

While the negotiations underscored the sluggish pace of global debt resolution, Zambia has restructured the bulk of its targeted debts under the G20 Common Framework.

With the October deadline looming, the outcome of the ongoing discussions will determine the future shape of Zambia’s relationship with the IMF.

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