By Derrick Silimina

The government has welcomed the completion of the sixth and final review under the IMF-supported 38-month Extended Credit Facility (ECF) Arrangement, following yesterday’s approval by the IMF Executive Board.

Commenting on the decision, Finance and National Planning the Minister Situmbeko Musokotwane said the approval unlocks the final disbursement of $190 million and marks a key milestone as the country transitions from stabilization to a more growth-focused reform phase.

“We thank the IMF for its continued engagement and support, and we salute the People of Zambia, the Private Sector, and all economic players for believing in the vision of the Government led by President Hakainde Hichilema to repair a damaged economy, restore stability, and place Zambia firmly on a growth path,” Dr. Musokotwane said.

He also expressed appreciation to key partners and stakeholders for sustaining confidence through the reform period adding that sustaining macroeconomic sustainability, rebuilding external buffers, and carefully calibrating monetary policy to bring inflation toward the target band of 6 to 8% are essential to strengthening resilience and protecting a conducive environment for growth, investments, job-creation and prosperity.

Dr. Musokotwane emphasised that the Executive Board’s emphasis on sustained fiscal consolidation, stronger revenue mobilization, and prudent borrowing aligns with the Government’s medium-term fiscal strategy and the national budget framework.

On the outlook, the Minister further welcomed the IMF’s assessment that Zambia’s economic prospects remain positive, supported by strong mining activity, robust agricultural performance, and improving electricity generation.

“This final disbursement is both financial support and a signal to citizens, markets, and other development partners that Zambia has strengthened discipline and restored policy credibility.”

In a statement, IMF Resident Representative Eric Lautier noted that despite significant external and domestic shocks, Zambia has maintained broadly sound macroeconomic policies and continued to rebuild policy credibility.

“The completion of the final review allows for an immediate and final disbursement of SDR 138.9 million (about US$190 million), bringing total disbursements under the ECF-supported program to SDR 1,271.66 million (about US$1.7 billion),” Lautier stated.