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IMF Grants Zambia $1.5Bn In New Financing Deal
ZAMBIA is expected to access about 1.5 billion United States dollars over...
Picture: Zambia24
By Ellen Hambuba
ZAMBIA is expected to access about 1.5 billion United States dollars over three years under a new financing arrangement with the International Monetary Fund -IMF .
The financing is expected to be disbursed every six months at zero interest, providing support for the country’s economic programme and development ambitions.
IMF Mission Chief for Zambia EDWARD GEMAYEL says the arrangement is intended to build on the progress made in restoring macroeconomic stability and support lasting improvements in people’s living standards.
He was speaking during a Joint Press Briefing with the Ministry of Finance.
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And Mr. GEMAYEL said the IMF estimates ZAMBIA’s potential economic growth at between five and 5.5 percent, although this could increase further depending on investment levels and the pace of economic transformation.
He said the economic outlook remains positive, with the IMF projecting growth of about 5.6 percent in 2026 and growth exceeding five percent over the medium term.
On the external front, the IMF wants ZAMBIA to continue building foreign exchange reserves, maintain low and stable inflation and allow exchange rate flexibility to help the economy withstand external shocks.
The programme is also expected to strengthen debt management, improve transparency through the publication of debt statistics and enhance the planning of government borrowing.
And Finance Minister SITUMBEKO MUSOKOTWANE said the proposed International Monetary Fund – IMF programme will help strengthen Zambia’s foreign exchange reserves and improve the country’s ability to withstand economic shocks.
Dr. MUSOKOTWANE said the funds expected under the IMF programme will supplement the government’s own efforts to build reserves, leaving the country better prepared to face future challenges.
Source: Zambia24 — Read more
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