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Posted by admin on January 9, 2026 at 3:07 AM

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Zambia will conclude its current International Monetary Fund (IMF) Extended Credit Facility (ECF) programme and immediately begin engagement on a successor arrangement that places stronger emphasis on economic growth, investment, and job creation,

Minister of Finance and National Planning Situmbeko Musokotwane has announced that the current ECF, which commenced in 2022, is entering its final phase. Government has opted not to pursue a one‑year extension, instead transitioning to a full‑term successor programme aligned with evolving national priorities.

Dr Musokotwane reaffirmed government’s commitment to Debt sustainability, Prudent fiscal management, Transparent use of public resources, Strengthened domestic revenue mobilisation and Inclusive growth

He stressed that the reform agenda is nationally owned, not dependent on any single external arrangement.

The Minister expressed appreciation to the IMF, President Hakainde Hichilema, the Vice President, Cabinet, Parliament, and key economic institutions for supporting the reform programme.

“Zambia remains committed to constructive engagement with the IMF and development partners as it works towards a more prosperous, resilient and inclusive economy,” Dr Musokotwane said.

Immediate priority is the sixth and final review, after which discussions with the IMF on a new framework will begin. Zambia has completed all programme reviews without interruption since 2022.

A staff‑level agreement on the final review was reached in December, pending IMF Executive Board approval. The country met all quantitative targets and structural benchmarks, supporting fiscal consolidation with primary surpluses above 2% of GDP.

Reforms have strengthened economic resilience, advanced debt restructuring, and enabled Zambia to benefit from favourable copper prices.

The successor arrangement will continue to support debt restructuring but will prioritise Growth‑oriented structural reforms, Value addition and investment mobilisation and Inclusive economic opportunities and job creation

Policy continuity will be maintained through adherence to the national budget, disciplined borrowing, and close IMF engagement.