The Zambian government and the International Monetary Fund-IMF- have reached a staff-level agreement on the economic policies and reforms, marking the conclusion of the fourth review of the 38-month extended credit facility-ECF- arrangement by IMF staff and Zambian authorities.
An IMF staff team led by Ms. Mercedes Vera Martin, was in Zambia for discussions between 2nd and 15th October, 2024 and the discussions continued in Washington DC, during the 2024 annual meetings of the international monetary fund and the World Bank group.
According to a statement issued by Secretary to the Treasury Felix Nkulukusa, the discussions focused on reforms and policy priorities underpinning the fourth review of the IMF supported program under the ECF.
Mr. Nkulukusa explains that the staff-level-agreement is subject to IMF management approval and executive board consideration.
He says once the board approves, Zambia will have access to the fifth tranche of SDR 139.9 million in financing under the ECF supported programme, stating that the board meeting is anticipated by mid-December.
BOZ INCREASES MONETARY POLICY RATE
The Bank of Zambia-BOZ- through the Monetary Policy Committee has raised the monetary policy rate...
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