An International Monetary Fund (IMF) staff team, led by Ms. Allison Holland, Mission Chief for Zambia, conducted a staff visit to Lusaka from November 30 to December 7, 2022, to discuss recent economic developments and implementation of the Fund-supported program . [1]

At the conclusion of the visit, Ms. Holland issued the following statement:

“During the visit we discussed recent macroeconomic and financial sector developments. Against an increasingly challenging global economic backdrop, the Zambian economy appears to have remained relatively resilient and inflation has remained in single digits for longer than expected.

“We also took stock of the authorities’ promising progress in meeting key commitments under the Fund-supported program. This will be formally assessed in the context of the first review of the Extended Credit Facility arrangement, which is expected to be undertaken in Spring 2023. We discussed progress on debt restructuring talks, noting the ongoing discussions with creditors on resolving technical issues. Achieving timely restructuring agreements with external creditors is essential to secure the expected benefits of the Fund-supported program.

“I would like to thank the authorities for the open and collaborative discussions and look forward to our continued close engagement.”