THE Centre for Trade Policy and Development says Zambia’s decision not to extend the IMF Extended Credit Facility programme could rapidly undo the signs of economic recovery. Recently, Finance and National Planning Minister Dr Situmbeko Musokotwane revealed that government decided not to proceed with the one-year Extended Credit Facility under the IMF programme as it was instead engaging them on another successor programme. CTPD Lead Public Finance Researcher Robert Mwale said the exit came at a time when the economy was showing credible signs of recovery after years of fiscal stress and debt distress. In a statement, Wednesday, Mwale said exiting the programme in an election year heightened the risk of budget diversion and off-budget spending, thereby weakening expenditure controls...
