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The International Monetary Fund (IMF) Resident Representative Eric Lautier says Zambia’s economy is showing resilience and potential for growth
The International Monetary Fund (IMF) Resident Representative Eric Lautier says Zambia’s economy is showing resilience and potential for growth
Lautier, responding to questions on Zambia’s homegrown program supported by the IMF through a USD 1.3 billion Extended Credit Facility (ECF), noted that the economy, in general, has proven more resilient than anticipated, with real gross domestic product (GDP) growth now projected at 4.7% in 2024.
The IMF Representative further said that external factors were making reforms even more difficult in 2023, but the authorities implemented a tighter monetary policy to counteract inflationary pressures, coupled with substantial fiscal measures.
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In the meantime, the completion of the second review of the ECF arrangement allows for an immediate disbursement of SDR 139.88 million (about USD 187 million), bringing Zambia’s total disbursement under the ECF to SDR 419.64 million (about USD 561 million). Zambia’s ECF Arrangement was adopted on August 31, 2022, for a total of SDR978.
