“In response to media inquiry regarding the recently announced change in leadership at the central bank of Zambia, an IMF spokesman made the following statement:

“We note the change in leadership announced over the weekend at the Bank of Zambia before the end of the previous Governor’s mandate.

The macroeconomic stability that most developing countries have enjoyed in recent years has greatly relied on the much-improved effectiveness and increased independence of central banks. It is imperative that central banks’ operational independence and credibility is maintained, particularly at this critical time when economic stability is threatened by the COVID-19 pandemic. Without credible institutions and sound policies, sustained economic growth and much needed improvements in living standards will not be possible.”