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IMF approves US$1.3 billion 3 year program to Zambia

•IMF is proud to support Zambian governments actions aimed at restoring macro-economic stability.

•The decision is also a major Mile stone for the G20 Common framework.

•Successfully implementing this program will unlock new growth potential for the Zambian people

International Monetary Fund (IMF) Executive Board has approved a 3 year program of about US$ 1.3 billion to Zambia.

IMF Managing Director Kristalina Georgieva attributed the 3 year IMF program approval to Zambia’s strong economic reforms.

Ms. Georgieva noted the IMF is proud to support Zambian governments actions aimed at restoring macro-economic stability, increasing much needed social spending and strengthening economic governance and transparency.

“Just this year, Zambia has introduced free education and hired 41000 additional educational and health workers and implemented reforms to improve transparency,” she said.

Ms. Georgieva noted the decision is also a major Mile stone for the G20 Common framework.

Talking about Official creditor’s committing to help Zambia’s debt to bring it to sustainable level, Ms. Georgieva said, “That was essential to improve the fund supported program.”

She has since stated that the IMF supports the call by Zambia’s official creditor committed for private and other official bilateral creditors to commit to comparable -debt treatment.

“Successfully implementing this program will unlock new growth potential for the Zambian people and it shows others that the G20 Common Framework can deliver,” she added.

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