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

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

The IMF team reached a staff-level agreement with the Zambian authorities on a three-year program that could be supported by an arrangement under the Extended Credit Facility.

WASHINGTON DC, United States of America, December 3, 2021 / APO Group / –

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 lay the foundation for a recovery. inclusive economic.

A team from the International Monetary Fund (IMF) led by Allison Holland, Head of Mission for Zambia, conducted a virtual mission with the Zambian authorities from November 4 to December 2, 2021 to discuss a program that will be supported by the IMF Extended Credit Facility (ECF) arrangement. At the end of the mission, Ms. Holland issued the following statement:

“The IMF team reached a staff-level agreement with the Zambian authorities on a three-year program that could be supported by an agreement under the Extended Credit Facility (ECF) in the amount of approximately SDR 980 million. or $ 1,400 million. This agreement builds on the authorities’ plans to undertake bold and ambitious economic reforms. The staff-level agreement is subject to approval by IMF Management and Executive Board and receipt of necessary financial guarantees. More details on the deal will be released on Monday.

“IMF staff met with Finance Minister Situmbeko Musokotwane, Bank of Zambia Governor Denny Kalyalya, senior government officials and the Bank of Zambia. The staff would like to express their gratitude to the Zambian authorities for their open, committed and constructive participation ”.

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