Zambia has got a $1.3billion support package approval from the International Monetary Fund Board to restructure its debts and rebuild an economy ravaged by mismanagement and the COVID-19 pandemic.
It is, however, a 38-month extended credit facility based on Zambia’s homegrown economic reform plan that aims to restore macroeconomic stability and foster higher, more resilient, and more inclusive growth.
The Washington-based lender disclosed this in a statement released on its website Wednesday.
The program, it was learned, would also catalyze much-needed financial support from development partners.
However, in a tweet, IMF Managing Director, Kristalina Georgieva congratulated Zambian President Hakainde Hichilema, saying “we are proud to support Zambia’s homegrown reforms and actions to help build a better future for all Zambians.”
Also, President Hichilema in a statement said the development was a vote of confidence in his government and the people of Zambia.
“Today’s announcement will culminate in jobs for our people, a more affordable cost of living and enhanced development prospects for every province in our country. The international community has recognized the progress we have made and our commitment to reviving our economy and becoming a responsible member of the family of nations”.
