Zambia receives $516 million out of $1.3 billion under International Monetary Fund deal

Finance and National Planning Minister, Situmbeko Musokotwane, has announced that Zambia has so far withdrawn US$561 million from the International Monetary Fund (IMF) as a result of implementing the Economic Reform Programme.

According to Musokotwane, this was out of the US$1.3 billion expected to flow to Zambia during the implementation phase of the programme.

He said this on Friday in Lusaka at the Symposium on the 2023 Budget Performance and Economic Developments.

“The release of the money from the IMF also triggered other support mechanisms, especially from the World bank where Zambia got a grant amounting to US$125 million,” he said.

Musokotwane stated that the next performance would be assessed sometime in the middle of the year.

“Another important milestone for last year is that the country continued to successfully implement the Economic Reform Programme that we are undertaking together with the IMF.

“As a result of that more disbursements were made, with lasted being in December where we received US$187 million from the World Bank bringing the total cumulative receipts from the IMF to US$561 million out of the US$1.3 billion that is expected to flow to us during this period of the programme,” Musokotwane said.

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