THE International Monetary Fund (IMF) board has approved a three-year programme of US$1.3 billion for Zambia.
And President Hichilema says the announcement will culminate in jobs for citizens, a more affordable cost of living, and enhanced development prospects for every province.
In a congratulatory message earlier today, IMF Managing Director Kristalina Georgieva said the Fund was proud to support the Zambian government’s actions aimed at restoring macroeconomic stability and strengthening economic governance and transparency.
“Heartfelt congratulations to Zambia! Because of its strong commitment to economic reform, the IMF executive board today approved a three-year programme of about US$1.3 billion. We are proud to support the Zambian government’s actions aimed at restoring macroeconomic stability, increasing much needed social spending and strengthening economic governance and transparency. Just this year, Zambia has introduced free education and hired 41,000 additional education and health workers and implemented reforms to improve transparency,” she said.
Georgieva said the commitment by official creditors to help Zambia’s debt to bring it to sustainable level was essential to approve the fund-supported programme.
“Today’s decision is also a major milestone for the G20 Common Framework. Official creditors committing to help Zambia’s debt to bring it to sustainable level, that was essential to approve the fund-supported programme. Zambia’s official creditors’ committee has called for private and other official bilateral creditors to commit to comparable debt treatments and we support that call as well. Successfully implementing this programme will unlock new growth potential for the Zambian people and it shows others that the G20 Common Framework can deliver,” said Georgieva.
Meanwhile, in a statement posted on his Facebook page earlier today, President Hichilema said the announcement was a vote of confidence in the government and Zambians as a whole.
“Fellow citizens, Our US$1.3 BILLION IMF-supported program has been approved. Today’s announcement is a vote of confidence in your Government and in the people of Zambia. The international community has recognised the progress we have made, and our commitment to reviving our economy and becoming a responsible member of the family of nations. 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. We are grateful to the IMF Board, and cooperating partners for your sustained support. To the people of Zambia, we say ‘Thank you’ for believing in us and for the collective hard work and sacrifices made in achieving this milestone. It is now time to get back to work. There is still more to be done,” stated President Hichilema.