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Zambia making ‘promising progress’ on reducing fiscal deficit, public financial management —IMF


The International Monetary Fund (IMF) says Zambia is making “promising progress” on delivering on its commitments under the Fund’s supported programme.

IMF Director of Communications, Julie Kozack, said this includes significantly reducing the fiscal deficit and increasing social spending in 2022, together with steps to strengthen public financial management and governance.

Kozack said Zambia however also needs a significant reduction in its debt burden from its external creditors to complement these reforms and preserve the recent growth momentum.

Read more: IMF officials arrive Zambia to assess country’s debt management programme

She further said the team is conducting the first Review under the Extend Credit Facility (ECF) and an Article IV consultation from March 22 to April 5, 2023 in Lusaka to remove any hurdles to the timely consideration by the IMF’s Executive Board of the first review and the Article IV.

Kozack has also urged official creditors to move forward and reach agreement on a debt treatment in line with the financing assurances that they provided in July, 2022.

“Discussions are ongoing, and we hope a suitable agreement will be reached soon.

On August 31, 2022, the IMF Board approved a US$1.3 billion 38-month ECF arrangement for Zambia to help advance the authorities’ homegrown
economic reform plan,” She said.

Contributed by Augustine Sichula

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