The Executive Board of the International Monetary Fund -IMF- has approved the Fourth Review of Zambia’s 38-month Extended Credit Facility -ECF- arrangement.
The approval triggers an immediate disbursement of the fifth tranche under the ECF arrangement amounting to about US$184 million, bringing Zambia’s total disbursement under the ECF-supported program to about US$1.3 billion.
IMF Deputy Managing Director and Acting Chair Nigel Clarke said the program performance remains satisfactory, as the authorities remain committed to economic stabilization and advancing structural and governance reforms, despite the severe impact of a historic drought.
Mr. Clarke said fiscal consolidation, prudent monetary policy and further reserve accumulation, exchange rate flexibility, and sound financial policies will be crucial for safeguarding macro-financial stability and building resilience against shocks.
And commenting on this development, Finance and National Planning Minister, Dr. Situmbeko Musokotwane said the Zambian government is grateful that the IMF executive board has approved the fourth review of the ECF programme.
Dr. Musokotwane says government is grateful for the continuous support from the IMF executive board, management, and the staff for the us$184 million.
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