Press Release No. 21/126

IMF Staff Update on Discussions with the Zambian Authorities on a New Extended Credit Facility

May 10, 2021

Washington, DC: The IMF mission has continued discussions with the authorities during April-May on their request for an Extended Credit Facility (ECF). Building on the earlier discussions in February-March, there was broad agreement on the macroeconomic framework. Notable progress was made in detailing the key policy measures to address the macroeconomic imbalances currently facing Zambia and to enable a return to sustained growth with enhanced fiscal space for social and development spending. The Zambian authorities reaffirmed their continued commitment to reforms. We look forward to continuing ECF discussions as key measures are taken.

Staff express their gratitude to the Zambian authorities for the constructive, determined, and frank engagement.