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IMF TELLS ZAMBIA TO ENSURE MACROECONOMIC SUSTAINABILITY

By BUUMBA CHIMBULU


THE International Monetary Fund (IMF) has indicated that Zambia faces an urgent need to take steps to restore macroeconomic sustainability while protecting the vulnerable and creating more inclusive growth.

This is in light of the deeply challenging macroeconomic environment that prevails, said the IMF Mission Chief for Zambia, Allison Holland, after holding virtual meetings Zambian officials.

The meeting was attended by the Finance Minister Dr Situmbeko Musokotwane, acting Bank of Zambia (BoZ) governor Francis Chipimo and other senior Government officials.

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According to a statement issued from Washington DC, the new Government of Zambia following the August election invited the IMF for a virtual staff visit to share their key policies and reforms measures.

“We welcomed the opportunity to hear an update on recent fiscal and macroeconomic developments and learn about the new authorities’ reform priorities that focus on restoring macroeconomic stability, re-establishing fiscal and debt sustainability, generating growth, and improving human development,” Ms Holland said.

She said in light of the deeply challenging macroeconomic environment that prevails, the new administration faces an urgent need to take steps to restore sustainability while protecting vulnerable and creating more inclusive growth.

“The discussions last week provided us with a better understanding of how the authorities’ reform priorities are informing their 2022 budget preparations,” Ms Holland said at the end of the virtual visit to Zambia.

She indicated that the IMF looks forward to discussions on a Fund- supported programme in the near future.

Zambia is currently pursuing an IMF supported programme of up to US$1.3 billion.

The IMF team held virtual meetings from September 27 to October 1, 2021.

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