The IMF team reached a staff-level agreement with the Zambian authorities on a new arrangement under the Extended Credit Facility (ECF) for 2022-2025 to help restore macroeconomic stability and provide the foundation for an inclusive economic recovery.

An International Monetary Fund (IMF) team led by Allison Holland, Mission Chief for Zambia, conducted a virtual mission with the Zambian authorities during November 4 – Dec 2, 2021, to discuss a program to be supported by the IMF’s Extended Credit Facility (ECF) arrangement. At the end of the mission, Ms. Holland issued the following statement:

“The IMF team reached a staff-level agreement with the authorities of Zambia on a three-year program that could be supported by an arrangement under the Extended Credit Facility (ECF) in the amount of about SDR 980 million or $1.4 billion. This agreement is based on the authorities’ plans to undertake bold and ambitious economic reforms. The staff-level agreement is subject to IMF Management and Executive Board approval and receipt of the necessary financing assurances. Further details on the agreement will be released on Monday.

“IMF staff held meetings with Finance Minister Situmbeko Musokotwane, Bank of Zambia Governor, Denny Kalyalya, senior government and Bank of Zambia officials. Staff would like to express their gratitude to the Zambian authorities for their open, committed and constructive engagement.”