The Executive Board of the International Monetary Fund (IMF) has approved for the immediate disbursement of 189 million dollars under the Extended Credit Facility Arrangement.

This brings Zambia’s total disbursements under the Extended Credit Facility Arrangement to about 374 million dollars.

The facility seeks to support Zambia’s homegrown economic reform plan to restore macroeconomic stability and foster higher, more resilient, and more inclusive growth.

IMF Managing Director, KRISTALINA GEORGIEVA says Zambia has made commendable efforts over the past two years to stabilize the economy, despite the continuation of significant external shocks.

She said going forward, it will be important to sustain the commitment to the strong policies needed to safeguard macroeconomic stability, restore debt sustainability, and promote durable and inclusive growth.

Zambia’s Extended Credit Facility Arrangement is for a total of 1.3 billion at the time of program approval on August 31, 2022.

This according to a press statement issued by the International Monetary Fund.

On June 22, 2023, the Zambian authorities reached an agreement with the Official Creditor Committee (OCC) on a debt treatment that is in line with Fund program parameters.

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