LUSAKA, Jan. 28 (Xinhua) -- The Zambian government on Wednesday welcomed the conclusion of the International Monetary Fund (IMF)-supported Extended Credit Facility program, saying it underscores the country's sustained commitment to economic reforms.
The development follows the approval of the sixth and final review of the 38-month program by the IMF Executive Board, which will see the immediate disbursement of 190 million U.S. dollars, bringing total disbursements under the program to 1.7 billion dollars.
In a statement released on Wednesday, the IMF said that despite significant external and domestic shocks, Zambia has maintained broadly sound macroeconomic policies and continued to rebuild policy credibility.
Reacting to the decision, Finance and National Planning Minister Situmbeko Musokotwane said it marks a significant milestone as the country transitions from stabilization to a more growth-focused reform phase.
The successful completion of the sixth and final review confirms sustained delivery on reform commitments even under severe shocks, Musokotwane said, adding that the final disbursement is both financial support and a signal to citizens, markets and other development partners that Zambia has strengthened fiscal discipline and restored policy credibility.
He said that the IMF's focus on sustained fiscal consolidation, stronger revenue mobilization, and prudent borrowing aligns with the government's medium-term fiscal strategy and national development agenda.
According to the minister, following the completion of the program, the government intends to engage the international lender on a successor program that will build on the achieved stability while placing greater emphasis on growth, investment, job creation, and expanding the country's productive capacity.
