Today, Zambia’s Finance and National Planning Minister, Dr. Situmbeko Musokotwane, held a high-level information exchange meeting with the visiting International Monetary Fund (IMF) Deputy Managing Director, Dr. Nigel Clarke, underscoring Zambia’s strong strides toward economic recovery and growth.
During the meeting, held in Lusaka, Dr. Musokotwane highlighted the key achievements of Zambia’s economic reform journey under the Enhanced Credit Facility (ECF) programme, which is being implemented in partnership with the IMF.
Zambia Records Encouraging Growth Amidst Reforms
Dr. Musokotwane noted that Zambia’s economic transformation has been significantly supported by the ECF arrangement, with GDP growth rising to 4% in 2024 and a robust projection of 6.6% for 2025.
“The International Monetary Fund, through the Enhanced Credit Facility Programme, has played a critical role in supporting our economic growth path. These figures are a source of encouragement and a sign that we are on the right track,” he said.
Reflecting on Zambia’s past challenges, Dr. Musokotwane recalled that only a few years ago, the country faced a crippling debt crisis, stagnant investment—particularly in the mining sector—and minimal economic growth.
“Three to four years ago, Zambia was in dire straits. Our debt was unsustainable, and investor confidence was at an all-time low,” he said. “Today, under the New Dawn Administration, most of our debt has been restructured. We’ve reallocated budget resources to focus more on the needs of the common man.”
IMF Praises Zambia’s Commitment to Homegrown Solutions
In his remarks, Dr. Clarke praised Zambia’s economic potential and commitment to reforms, describing the country’s natural wealth and reform agenda as promising foundations for inclusive growth.
“The IMF is proud to partner with Zambia on its homegrown reform programme,” said Dr. Clarke. “These efforts are geared towards improving the economy in a way that directly benefits the Zambian people.”
He emphasized that Zambia’s economic recovery is a model for resilience and determination, and encouraged continued focus on reforms that stimulate job creation, investment, and social equity.
Dr. Clarke’s Visit Includes Broad Stakeholder Engagement
As part of his three-day visit, Dr. Clarke is scheduled to meet President Hakainde Hichilema and engage in consultative meetings with key stakeholders including students from the University of Zambia, members of civil society, private sector leaders, and cooperating partners.
The visit comes at a crucial time as Zambia continues to implement structural adjustments aimed at stabilizing its economy, attracting investment, and ensuring long-term debt sustainability.
A Growing Partnership for a Sustainable Future
Today’s meeting highlights the strengthening relationship between Zambia and the IMF, driven by mutual goals of economic resilience, poverty reduction, and sustainable development.
With GDP growth on the rise and confidence returning to key sectors such as mining and infrastructure, the Zambian government remains optimistic that continued collaboration with the IMF and other stakeholders will yield lasting benefits for all citizens.