The International Monetary Fund (IMF) said on Friday it had reached a staff-level agreement with Zambia on a new Extended Credit Facility worth about $1.5 billion. An IMF team led by Edward Gemayel that visited Lusaka from September 29 to October 9 said the proposed programme was aimed at preserving macroeconomic stability, strengthening economic resilience and supporting the country's growth ambitions. Gemayel told a press conference that Executive Board approval was expected around December, with disbursements to be made every six months over the facility's three-year duration. The agreement, which will give Zambia access to 1,076 million Special Drawing Rights, comes as the country prepares its 2027 budget, with the finance ministry saying this week that government spending is projected to rise by 7%. The Southern African country's previous $1.7 billion IMF programme, which helped it emerge from a prolonged debt crisis after becoming Africa's first COVID-19 pandemic-era s...
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