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IMF looks forward to Zambia’s home-grown economic strategy

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Naija247news, Nigeria
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

Lusaka, Dec. 10, 2020 Given the deep-rooted challenges it faces, Zambia would need to calibrate its policies to restore sustainability while protecting the vulnerable and creating more inclusive growth, according to an International Monetary Fund (IMF) mission that has just completed a high-level visit to the country.

“We welcomed the opportunity to discuss the broad elements of the authorities’ Economic Recovery Programme, which seeks to restore macroeconomic stability, attain fiscal and debt sustainability, restore growth and safeguard social sector spending,” remarked Mr. Abebe Aemro Selassie, Director of the IMF’s African Department, at the end of the three-day visit on Wednesday,

The mission held high-level discussions with the Zambian authorities on their Economic Recovery Plan and their request for a Fund-supported programme.

An IMF statement issued at the conclusion of the visit said the Zambian authorities reiterated their intention of restoring the credibility of the budget, increasing debt transparency, strengthening public financial management, as well as improving governance and preserving financial stability.

“We look forward to the presentation of the government’s home-grown economic strategy, and will be assessing in the coming weeks how the IMF could support the authorities’ reform efforts through a possible Fund programme,” said Mr. Abebe who was accompanied by Mr. Alex Segura-Ubiergo, IMF mission chief for Zambia.

The team met with Zambian President Edgar Lungu, Finance Minister Bwalya N’gandu, Governor of the Central Bank Christopher Mvunga, as well as other senior government officials and representatives from civil society and the donor community.

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