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Zambia and the International Monetary Fund (IMF) have opened discussions on a new programme aimed at maintaining economic stability while placing greater emphasis on investment, exports, economic diversification and job creation.
An IMF mission led by Mission Chief Edward Gemayel is in Lusaka for talks that will run until October 10, 2026.
Gemayel and his team held an opening meeting with Finance and National Planning Minister Situmbeko Musokotwane and senior ministry officials.
The mission is expected to hold further discussions with the Ministry of Finance and National Planning, the Bank of Zambia, the Zambia Revenue Authority and other public institutions on economic and structural policies that could form the basis of the proposed programme.
According to a statement issued on Wednesday, the talks will also consider Zambia’s 2027 National Budget and the 2027–2029 Medium-Term Budget Plan.
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Gemayel said the proposed programme would seek to safeguard the macroeconomic and debt stability achieved under the previous IMF arrangement while supporting private-sector investment, exports, economic diversification and sustainable growth.
“The successor programme is one that would help preserve macroeconomic stability and debt sustainability, while aligning with the Grow Zambia Agenda to support private sector investment, exports, diversification, jobs and sustainable growth,” he said.
Zambia’s previous 38-month Extended Credit Facility (ECF) arrangement was approved in August 2022 at SDR978.2 million, equivalent to about $1.3 billion.
The programme concluded on January 27, 2026, after six reviews. The final disbursement of SDR138.9 million, or about $190 million, brought total access under the programme to SDR1,271.66 million, equivalent to about $1.7 billion.
Musokotwane said the government would continue to prioritise fiscal and macroeconomic stability but would place greater emphasis on growth and employment over the next five years.
“The focus now, over the next five years, is to maintain fiscal stability, macroeconomic stability, with a lot of bias towards growth,” he said.
He said youth unemployment remained a major challenge and stressed the need for increased investment and sustained economic expansion.
The minister said the government would also step up direct engagement with investors to highlight opportunities in Zambia.
“We have to reach out to investors, talk about our country, talk about the opportunities,” he said.
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