International Monetary Fund (IMF) / Press Release

Source: International Monetary Fund (IMF) | Jan 24, 2023

Statement by International Monetary Fund (IMF) Managing Director Kristalina Georgieva at the Conclusion of Her Visit to Zambia

Zambia is making tremendous progress on reforms, at what is a particularly challenging time for the world economy

Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), issued the following statement today in Lusaka at the conclusion of her January 22-24 visit to Zambia: “I wish to thank H.E. President Hichilema, Minister of Finance and National Planning Musokotwane, and Central Bank Governor Kalyala for their gracious…

Source: International Monetary Fund (IMF) | Dec 08, 2022

International Monetary Fund (IMF) Staff Concludes Visit to Zambia

The Zambian economy appears to have remained relatively resilient and inflation has remained in single digits for longer than expected

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…

Source: International Monetary Fund (IMF) | Sep 01, 2022

International Monetary Fund (IMF) Executive Board Approves New Extended Credit Facility (ECF) Arrangement for Zambia

Zambia is dealing with the legacy of years of economic mismanagement, with an especially inefficient public investment drive

The IMF Board approves SDR 978.2 million (about US$1.3 billion) 38-month ECF arrangement for Zambia to help restore macroeconomic stability and foster higher, more resilient, and more inclusive growth; The authorities’ program, supported by the ECF-arrangement, will advance the authorities’ homegrown reform plan to restore debt sustainability, create fiscal space…

Source: International Monetary Fund (IMF) | Dec 06, 2021

IMF Staff Reaches Staff-Level Agreement on an Extended Credit Facility Arrangement with Zambia

The Zambian authorities have committed to an ambitious economic reform program to address the severe economic and social challenges facing the country

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.The government’s ambitious reform program, supported by the IMF, seeks to restore fiscal and…

Source: International Monetary Fund (IMF) | Dec 03, 2021

IMF Staff Reaches Staff-Level Agreement on an Extended Credit Facility Arrangement with Zambia

The staff-level agreement is subject to IMF Management and Executive Board approval and receipt of the necessary financing assurances

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…

Source: International Monetary Fund (IMF) | Oct 05, 2021

IMF Completes Virtual Staff Visit to Zambia

The IMF team, led by Ms. Allison Holland, Mission Chief for Zambia, held virtual meetings from September 27 to October 1, 2021

Following the August election, the new government of Zambia invited the International Monetary Fund (IMF) for a virtual staff visit to share their key policies and reform measures. The IMF team, led by Ms. Allison Holland, Mission Chief for Zambia, held virtual meetings from September 27 to October 1, 2021.…

Source: International Monetary Fund (IMF) | Aug 24, 2020

Coronavirus - Zambia: International Monetary Fund (IMF) Statement on Zambia

Imperative that central banks’ operational independence and credibility is maintained, particularly at this critical time when economic stability is threatened by COVID-19

“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…

Source: International Monetary Fund (IMF) | Jul 15, 2020

Coronavirus - Zambia: IMF Staff Completes Virtual Mission to Zambia

Discussions focused on the economic policies needed to respond to the fallout from the COVID-19 pandemic. Discussions will continue on the fiscal stance and policies in order to move forward with the request for Fund support

Discussions centered on the Government of Zambia’s request for emergency support under the Rapid Credit Facility to support the government’s efforts to address the social and macroeconomic impact of the COVID-19 pandemic: The COVID-19 shock has significantly impacted economic prospects—growth this year will be negative, poverty has likely increased, and…

Source: International Monetary Fund (IMF) | Nov 20, 2019

International Monetary Fund (IMF) Staff Concludes Visit to Zambia

The IMF staff met with H.E. President Lungu, Minister of Finance Bwalya Ng’andu, Bank of Zambia Governor Denny Kalyalya, other senior government and Bank of Zambia officials

An International Monetary Fund (IMF) staff team led by Dhaneshwar Ghura visited Lusaka during November 13–19, 2019 to discuss recent economic developments and the economic outlook for 2020 and the medium term. At the conclusion of the visit, Mr. Ghura issued the following statement: “Macroeconomic outcomes have weakened as a…

Source: International Monetary Fund (IMF) | Apr 30, 2019

International Monetary Fund (IMF) Staff completes 2019 Article IV visit to Zambia

Zambia’s development strategy targeting a rapid scaling up in infrastructure spending has resulted in large fiscal deficits, financed by nonconcessional debt

IMF staff and Zambian authorities took stock of recent economic developments and the future outlook and prospects as part of the 2019 Article IV consultation; large fiscal deficits and rising debt service have resulted in domestic expenditure arrears, taking a toll on growth; discussions focused on policy options to lower debt-related…

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